Refinance Your Home Mortgage
There are many reasons to consider refinancing your home. Maybe you want to lower your monthly mortgage payment, consolidate debt by refinancing for a better interest rate, or tap the equity in your home for a special purchase. Whatever the reason, a talk with a licensed mortgage expert from New American Funding will help you set clear financial objectives in order to choose the most appropriate refinance package for your home loan.
Benefits of refinancing your home mortgage
The interest paid on a mortgage will typically be your biggest expense as a homeowner, so finding ways to reduce it can be helpful for your overall financial health. New American Funding representatives will guide you through all the benefits of refinancing your home loan including:
- Getting a better loan: Whether you want to switch from an adjustable rate mortgage to a fixed rate mortgage, or simply wish to lock into a lower rate, refinancing can provide an opportunity to optimize your loan.
- Increase your long term net worth: A lower interest rate on your mortgage means you’ll save money over the lifespan of the loan. Use the extra cash to buy real estate for a retirement home, save for your child’s college fund, or buy a vacation home.
- Increase short term cash flow: Often, a home mortgage refinance will lower your monthly payment, which allows you the freedom to spend the extra money elsewhere.
- Make purchases with less interest: Use your home equity, instead of credit cards, to finance expensive purchases and take advantage of lower interest rates.
- Tax deductible interest: Your home mortgage loan interest is generally tax deductible. Consult a tax professional for details.
Consolidate credit card debt
Using your home equity to pay off your high interest credit card debt can save you thousands of dollars in the long run. Unlike your home loan, the interest you pay on a credit card is not tax deductible, and you pay a higher rate than you would on your mortgage. By refinancing your mortgage, you can turn your home’s equity into cash to pay off debt and consolidate your bills into one monthly payment. Talk with New American Funding today to find out if this option is right for you. Also, be sure to consult a tax advisor about all potential tax advantages.
Things to consider about refinancing your mortgage
There are many factors to consider when you are deciding whether to refinance your home loan. Be sure to think about each of the following and talk with our mortgage specialists to have all your questions answered:
- How will it affect you financially? Try our online mortgage calculator to figure how much refinancing might help your budget.
- How long will you live in the home? If you plan on selling or moving in the near future, refinancing with a low interest, Adjustable Rate Mortgage could be the best choice.
Contact a licensed mortgage specialist today to discuss your refinancing loan options, such as a 15 Year Fixed Rate Mortgage, Interest Only Home Loan, or a Reverse Mortgage Loan. New American Funding is a mortgage lender, not a broker, so you can trust that our experts have your best interest, not commissions, in mind.