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RefinancingThere’s an outdated guideline that you need a 2% interest reduction to make refinancing practical. This guideline was valid when mortgages were small, but with today’s higher home prices and mortgage balances, even a 1% reduction in your rate can save you thousands of dollars! 6 out of 10 home owners can save money by refinancing and consolidating debt. There are no expenses out of pocket. All the closing costs can be refinanced into the loan. There are many other reasons to refinance: · Combine first and second mortgages for payment reduction · Consolidate outstanding debt into one lower payment (possible tax benefits) · Switch from an adjustable rate to a fixed rate mortgage. · Remove someone from title to property and the original loan. · Cash for home improvements, education, investments etc… · Get out of a balloon payment loan… Adjustable to Fixed: Refinancing an adjustable rate mortgage to a fixed rate can add to your peace of mind, especially if your adjustable mortgage is going to crease in the next year or two. Consider refinancing to the security of a fixed rate loan. Lets face it, rates will eventually go up! Debt Consolidation: Consolidation of debt might save you hundreds of dollars per month plus reduce your cost of borrowing. The interest rates you pay on credit cards, auto loans, and second mortgages may be 3 times the rate of a refinanced mortgage. Refinancing to a lower interest rate and payment may allow you to reduce your total debt faster. There are also tax considerations. The interest you pay on most home mortgage loans is tax deductible on both federal and state income taxes. We can help you make the decision by providing information that is specific to your situation.
Removing someone from title/Estate Call us to find out how at 866-768-ICON(4266)
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