BREAKING: MORTGAGE RATES ARE INCREDIBLY LOW
Thousands of MO Homeowners Are Refinancing To Achieve Substantial Savings
BREAKING: MORTGAGE RATES ARE INCREDIBLY LOW
Thousands of Missouri Homeowners Are Refinancing To Achieve Substantial Savings
7 Important Reasons To Refinance Your Home Mortgage Now
What is your reason for refinancing your mortgage? Are you sure it makes perfect sense?
Everybody has their own reasons for mortgage refinancing.
Each reason may look solid at first, but are you prepared for the risks they can bring?
Here are 7 common reasons for refinancing and the dangers that you, as the borrower, should know about in advance.
Reason #1: Everyone Wants To Save A Lot of Money Every Month
Once you get to refinance your mortgage, with it comes new terms, lower interests and an extension of your loan term.
Monthly savings feel good right away and can lead to significant savings over the life of your loan.
This means monthly payments become more manageable and you get to save more every month.
Take Note: An extended term also means you'll be paying more by way of interest in the duration of the loan term.
Weigh it out for yourself and see what will work for you, or schedule a call with me and I will be happy to provide some insight on what would work best for you.
Reason #2: End Mortgage Debt Sooner & Save Thousands $$$
Mortgage refinancing also means you have the option to reduce your loan term.
This turns into savings gained by avoiding interest over a longer period of time. You will be rid of debt sooner.
Take Note: Of course, this means monthly payments will increase, so work it up with your monthly budget to see if you can reach the goal realistically.
Reason #3: Get Cash Out Now For Other Priorities
This also means you have the option of borrowing more than the loan balance and using it to pay off other debts like credit cards and other loans with higher interest rates.
As long as you have enough home equity, this is possible and using the money is up to you.
Take Note: Think twice before putting your home at risk, credit companies cannot take your home away if you fail to pay them, mortgage companies can.
Reason #4: Consolidate Debt Into One Manageable Payment
If you have two loans right now, there are mortgage refinancing options where you can combine them into one with new, more agreeable terms.
This means a monthly payment that is lower than the combined monthly payments of the two.
Take Note: This only works when you have enough equity, so check your current standings and property value. Talk with your lender.
Reason #5: Lock In A Predictable Monthly Payment
Mortgage refinancing is attractive because it gives you a way of locking into one rate.
An adjustable rate mortgage gives you variable payments, while a fixed rate mortgage secures you the same payment details throughout the term.
This means you know how much money will have to go to mortgage every month, as opposed to adjusting to whatever you have to pay every time.
Take Note: This all depends whether you would be planning to stay in your house longer. If not, an adjustable mortgage rate may be better for you.
Reason #6: Your Borrower Profile Has Improved
Maybe your FICO scores have improved, and you've cleaned up some negative items on your credit report.
Or maybe you increased the value of your home, which has helped you meet a lower loan to value ratio.
It's possible that this could allow for new loan programs and even greater savings.
Take Note: It all depends on your current home balance whether you can go for it or not.
If it's below 80% of the new appraised home value, mortgage refinancing on better terms may be applicable you.
It's best to talk to a mortgage specialists to discover your options.
Reason #7: Get Rid of Private Mortgage Insurance & Lower Costs
You may have found your dream home, but if you don’t want to put down a lot of cash up front or pay monthly insurance premiums, you need to be aware of something FHA loans offer.
If the mortgage on a new property is between 80% and 20% of the home’s value when it was purchased with an FHA loan, homeowners can refinance their loan in order to eliminate monthly premiums and lower their rate.
Take Note: Some people think that this only applies if they are refinancing their primary residence through an FHA loan, but this isn’t always true.
Make sure every move is well-planned and you have talked to your lender clearly.
Whatever you reasons may be, it is necessary to be diligent about this.
Mortgage refinancing does help in securing your home and finances, if you are the right person in the right situation.
Meet Dan Egan
Mortgage Loan Officer
1374311
Tanner Russell Team - NEXA Mortgage
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This site is not a part of the Facebook website or Facebook Inc. Additionally, This site is NOT endorsed by Facebook in any way.
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To give you the best website experience we are using cookies. If you continue to use our services, you agree to the use of such cookies.
Find out more in our data protection and cookie policy.
Tanner Russell
1374311
NEXA Mortgage
7 Important Reasons To Refinance Your Home Mortgage Now
What is your reason for refinancing your mortgage? Are you sure it makes perfect sense?
Everybody has their own reasons for mortgage refinancing.
Each reason may look solid at first, but are you prepared for the risks they can bring?
Here are 7 common reasons for refinancing and the dangers that you, as the borrower, should know about in advance.
Reason #1: Everyone Wants To Save A Lot of Money Every Month
Once you get to refinance your mortgage, with it comes new terms, lower interests and an extension of your loan term.
Monthly savings feel good right away and can lead to significant savings over the life of your loan.
This means monthly payments become more manageable and you get to save more every month.
Take Note: An extended term also means you'll be paying more by way of interest in the duration of the loan term.
Weigh it out for yourself and see what will work for you, or schedule a call with me and I will be happy to provide some insight on what would work best for you.
Reason #2: End Mortgage Debt Sooner & Save Thousands $$$
Mortgage refinancing also means you have the option to reduce your loan term.
This turns into savings gained by avoiding interest over a longer period of time. You will be rid of debt sooner.
Take Note: Of course, this means monthly payments will increase, so work it up with your monthly budget to see if you can reach the goal realistically.
Reason #3: Get Cash Out Now For Other Priorities
This also means you have the option of borrowing more than the loan balance and using it to pay off other debts like credit cards and other loans with higher interest rates.
As long as you have enough home equity, this is possible and using the money is up to you.
Take Note: Think twice before putting your home at risk, credit companies cannot take your home away if you fail to pay them, mortgage companies can.
Reason #4: Consolidate Debt Into One Manageable Payment
If you have two loans right now, there are mortgage refinancing options where you can combine them into one with new, more agreeable terms.
This means a monthly payment that is lower than the combined monthly payments of the two.
Take Note: This only works when you have enough equity, so check your current standings and property value. Talk with your lender.
Reason #5: Lock In A Predictable Monthly Payment
Mortgage refinancing is attractive because it gives you a way of locking into one rate.
An adjustable rate mortgage gives you variable payments, while a fixed rate mortgage secures you the same payment details throughout the term.
This means you know how much money will have to go to mortgage every month, as opposed to adjusting to whatever you have to pay every time.
Take Note: This all depends whether you would be planning to stay in your house longer. If not, an adjustable mortgage rate may be better for you.
Reason #6: Your Borrower Profile Has Improved
Maybe your FICO scores have improved, and you've cleaned up some negative items on your credit report.
Or maybe you increased the value of your home, which has helped you meet a lower loan to value ratio.
It's possible that this could allow for new loan programs and even greater savings.
Take Note: It all depends on your current home balance whether you can go for it or not.
If it's below 80% of the new appraised home value, mortgage refinancing on better terms may be applicable you.
It's best to talk to a mortgage specialists to discover your options.
Reason #7: Get Rid of Private Mortgage Insurance & Lower Costs
You may have found your dream home, but if you don’t want to put down a lot of cash up front or pay monthly insurance premiums, you need to be aware of something FHA loans offer.
If the mortgage on a new property is between 80% and 20% of the home’s value when it was purchased with an FHA loan, homeowners can refinance their loan in order to eliminate monthly premiums and lower their rate.
Take Note: Some people think that this only applies if they are refinancing their primary residence through an FHA loan, but this isn’t always true.
Make sure every move is well-planned and you have talked to your lender clearly.
Whatever you reasons may be, it is necessary to be diligent about this.
Mortgage refinancing does help in securing your home and finances, if you are the right person in the right situation.
Tanner Russell
It is important that you are confident and secure when going through the loan process as it can be one of the biggest decisions you will make in life!
I want everyone to get through the maze of the financing process!
Schedule a call with me and let's figure out your best options.
Meet Tanner Russell
SR. MORTGAGE LOAN OFFICER
NMLS#: 1374311
Your Home Mortgage Specialist
Your Privacy is Protected
This site is not a part of the Facebook website or Facebook Inc. Additionally, This site is NOT endorsed by Facebook in any way.
FACEBOOK is a trademark of FACEBOOK, Inc.
To give you the best website experience we are using cookies. If you continue to use our services, you agree to the use of such cookies.
Find out more in our data protection and cookie policy.
Copyright 2025 | Tanner Russell - All Rights Reserved -Privacy Policy
Tanner Russell
NMLS#: 1374311
NEXA Mortgage