Refinance to a Mortgage That Improves Your Financial Situation
Refinancing is the process of replacing your original mortgage with a new mortgage, with new terms and features for the purpose of improving your financial situation. It’s an especially effective strategy to use when housing inventories are tight. Instead of feeling you have to sell your current home to accomplish your financial goals, you can use a refinance to help you achieve many of the same outcomes.
For instance, you can use a refinance to reduce your monthly payments, remove costly private mortgage insurance, move to a loan with a shorter term so you can pay off your mortgage sooner, switch to a fixed-rate loan with a stable payment schedule, or consolidate multiple loans into one easy-to-track mortgage. To learn how a refinance mortgage might benefit you, speak to your New American Funding Loan Consultant today.