What is a Refinance?
A refinance is a series of steps a borrower may use to lower their interest rate, monthly payments, switch mortgage companies, and take out for large purposes. Many homeowners refinance their home when they have a decent amount of equity in their home. Equity is the difference between how much one owes the mortgage company and the worth of their home. There is no perfect time to refinance, but we can discuss when to consider the timing, due to the fact you will have to take out a second mortgage.
Top 10 Advantages of Refinancing
- Lowering your monthly payment
- Eliminating private mortgage insurance (PMI) – PMI can drive up your mortgage payment, by hundreds of dollars, once paid off it is removed.
- Changing loan programs – Mortgage refinancing gives you the ability to change programs, if circumstances in your life has changed.
- Improve your credit score- Making your monthly mortgage payments on time, can help you qualify for an auto payment or etc.
- Reduce your mortgage term – Pay off your mortgage sooner
- Reduce student-debt – Can help you pay of your loans quicker
- Increase home equity- Use your mortgage refinance savings to pay off your mortgage sooner.
When is The Right Time to Refinance Your Mortgage
If you have been making payments for your mortgage for more than 120-180 days, a lender is more likely to consider a refinance for your loan. If you are considering a refinance, we are willing to look at your terms and come up with a break down of what is needed to start your process of refinancing.
Cash-Out Refinancing For Homeowners
Cash-out refinancing is an option when wanting to refinance your home. This type of refinance allows you to obtain a new mortgage for more than you owe allowing you to pay off credit card debt, take a vacation, make house renovations and etc.
Refinance Your Mortgage Today!
Hamilton Mortgage Services is a leading provider of mortgage refinancing in Pembroke Pines, Boca Raton, and Miami, as well as the whole state of Florida. For more information on refinancing or how to qualify, contact us today at (954)688-9193 or fill out the quick quote on the right.
