Apr
24
3 Reasons to Refinance Your House

So no one told you mortgage rates were gonna be this way.
You’re paying too much, you’re broke, your bank account is wasting away…
No one told you home ownership would be like this
But when it hasn’t been your day or week or even your year…

Here’s 3 reasons to refinance…

💰 Lower your interest rate
Real talk, if your parents are homeowners and never refinanced, they’re probably paying a crazy amount of interest on their home. With interest rates at an all-time-low, you could save a ton of money by refinancing. This could allow you to shorten your loan term and lower your interest rate.

💰 Consolidate high interest debts
If you have your fair share of high-interest debt on credit cards or personal loans, a cash-out refinance can be a great option. It’ll help you improve your cash flow, which will help you save money in the long term. Choosing a cash-out refinance can help you save money and get rid of your debt faster.

💰 Eliminate mortgage insurance.
If you have private mortgage insurance (PMI), refinancing could help lower your monthly costs. To eliminate PMI, you can refinance an FHA loan into a conventional loan. With PMI premiums costing anywhere from 0.25 to 5% of the original loan amount, this could save you a hefty chunk of change.

Tell me, have you ever refinanced your home before?