Do you want to pay off your mortgage and get out of debt faster? Or do you want to lower your monthly mortgage payment? How you answer these questions may indicate whether or not it makes sense for you to consider refinancing your home loan based on today’s low mortgage rates.
Now is the time to weigh your options and take everything into consideration. Golden Oak Lending offers the three greatest reasons to refinance your mortgage:
Not only can you lower your mortgage payment each month by refinancing, you might save tens of thousands of dollars in interest. Let’s consider first the benefits of the lower monthly payment. What else could you do with up to hundreds of dollars per month in your pocket? You could save it. Invest it. It’s true that refinancing to lower your monthly could increase the length of the term, but you have to weigh this and decide if it makes sense for you.
Let’s say you have a 30-year mortgage. Now that interest rates are at a record low, it might be worth considering refinancing. You might be surprised to learn that a 15-year mortgage is not that far off from the original 30-year load you have been paying. Wouldn’t it be terrific to shorten the term and not pay much more?
Enter your information into a mortgage calculator to determine your new payment. If the increase in your monthly payment fits into your current budget, it might make absolute sense to do this.
It’s not too often that interest rates dip to a record low. It’s time to explore your financial options and see what makes sense for you and your family. If your home is currently financed at a higher interest rate than is available today, you might want to take a look at refinancing to save money overall.
Simply apply online and let St. Louis-based Golden Oak Lending walk you through the next steps.