When you originally took out your mortgage, you chose the best product available to you at that time. But now, there could be better options out there. Perhaps your interest rate could be lower. Maybe you would like to change the rate format.
Refinancing your mortgage gives you the means to replace your existing home loan with one that will help you save money and maximize your return on investment.
How refinancing can benefit you depends on your financial scenario. Possible advantages include:
Here are some examples of financial scenarios that might call for a refinance.
When you may be eligible for a lower interest rate. It could be that rates have dropped, or it might be that your credit score or income have increased.
When you want more financial stability and certainty. Changing from an adjustable to a fixed mortgage rate with a refinance can make this happen.
When you are moving out in a couple years. If you just found out you will be leaving your home in a few years, you might think about changing your fixed rate mortgage to an adjustable rate mortgage. Doing so will allow you to save money, as there should be a low introductory rate.
When you have more equity in your home, and want to stop paying for mortgage insurance.
When your income has dropped. Extending your loan term as part of a refinance can help you afford your monthly bills.
When you have debts to consolidate, or you need cash to cover other costs. In this situation, you can consider a Cash Out Refinance.
Our friendly loan experts can help you determine the ways you could benefit from a refinance, and whether it is the right choice for your situation.
To schedule your consultation, give Buckhead Home Loans a call at (404) 303-7411. Let’s increase your financial flexibility and help you save.
Buchhead Home Loans is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.