Refinance

Does Refinancing Make Sense for You?

There can be multiple reasons to refinance, but it’s important to us that it makes sense for your needs. Below are a few of the reasons why it might make sense for you to refinance

Lower Your Monthly Payments
Reducing your monthly payments is one of the most common reasons to refinance. With today’s low interest rates, you could potentially reduce your monthly mortgage payments by hundreds of dollars. In addition to lower interest rates there are other factors that could help you reduce your monthly payments such as extending your term length or refinancing a reduced principal balance. We’ll help you determine which loan program best suits your needs.

Lock Into a Fixed Rate
Switching to a fixed interest rate could be a good idea if your adjustable rate mortgage (ARM) is set to adjust soon. Converting your mortgage to a low fixed rate will make your monthly payments more predictable and help you avoid future payment increases.

Get Cash from Your Home’s Equity
Whether you want to fund home improvement projects, pay for your children’s college education, or consolidate existing debt, you may be able to access funds from your home’s equity. If you have built equity in your home over the years, a cash-out refinance could help you get the cash you need.

Shorten Your Payment Period
Refinancing to a shorter term could help you pay off your mortgage faster. Rather than simply making additional principal payments, refinancing to a shorter term could get you a lower interest rate, pay off your mortgage sooner, and save you thousands in interest expense.

When you are ready to refinance, our mortgage consultants at Pacific Mortgage can help you find a loan program custom fitted to your needs and goals. Contact us today to ask about refinancing.