Refinancing

Did you know that if you were to refinance your West Allis mortgage you would essentially be trading in your current mortgage for a new one, with an updated rate and term?

Refinancing your mortgage can be a great solution for those who are trying to save money on their home loan each month by shortening the length of their mortgage or lowering their interest rate. This process may not save everyone money in the short term, as the loan amount and monthly payments may stay the same, but if the mortgage rate is lowered, there will be less money owed in interest meaning the loan can be paid off in a shorter amount of time.

While you can speak with your mortgage broker about refinancing at any time, it is usually best to wait until you have a good amount of equity in your home. You can calculate the amount of equity in your home by subtracting the amount that is still owed on your mortgage from the amount your home is currently worth.

Once you have a decent amount of equity in your home, you can refinance to take advantage of that equity as well. By drawing some of the equity from your home, you will have access to additional funds that you can use towards major purchases.

It is your choice what you do with this money, but most people either reinvest it in their home in the form of renovations and upgrades or use it to purchase big ticket items or pay for school for themselves or for their children.

Similarly to other mortgage products and services, refinancing your mortgage does have some risks and additional fees associated with it. These risks can be mitigated with proper research and preparation, as long as you are working with a mortgage broker that truly has your best interests at heart.

I you are curious about refinancing and if it could be the right decision for you, give me a call at (262) 785-1363 for more information. I am more than happy to set up a consultation to review your existing mortgage and discuss what your options are moving forward.

Source: http://www.thetruthaboutmortgage.com/how-does-refinancing-work/


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