Why Would I Refinance My Home?
During this COVID-19 pandemic, many may be thinking about refinancing their homes so that they can enjoy these lower rates that are now available. Other than that, have you ever thought about WHY people refinance their homes? There are actually A LOT of reasons to do so and our mortgage company at the Lake of the Ozarks is here to cover a few of them in this week's blog. If you have any questions about refinancing your home, please call our experienced mortgage lenders in Osage Beach. MHQ - Mortgage Headquarters can be reached at (573) 302-9990.
TO GET A SHORTER TERM ON YOUR HOME LOAN.
Do you plan to build up equity more quickly and have your mortgage paid off more quickly? If this is your wish, the refinance loan can move you to a mortgage loan program with a short, like a 15 year loan. You will be paying less interest and increasing your equity more quickly.
TO MANAGE YOUR DEBT IN AN EASIER WAY.
If you have a SIGNIFICANT debt, you may have the option to pull out some of the equity in your home (cash out) to put toward that other debt. If you have any debt with high interest (such as credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of equity.
TO PAY FOR YOUR CHILD'S COLLEGE TUITION.
Is "cashing out" your main purpose for your refinance? It could be you're planning a special vacation; you need to pay tuition for your college-bound child, or you are updating your kitchen. In this case, you want to get a loan higher than the balance remaining of your current mortgage.
TO MAKE YOUR MONTHLY PAYMENTS LESS!
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best choice might be a low fixed-rate loan. Maybe you now have a higher rate fixed-rate mortgage, or perhaps you hold an ARM — adjustable-rate mortgage — where the interest rate can vary.
If so, we urge you to go into this process with the facts, first. Visit with an experienced mortgage broker at the Lake of the Ozarks and do be afraid to ask all those questions you have been wondering about. Our mortgage lenders are friendly and very customer service oriented. We are here to answer any questions you may have and help get you through this process as easy and stress-free as possible. Give us a call today at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements. We post useful facts and tips when it comes to the mortgage process. Enjoy!
Why Would I Refinance My Home?
TO GET A SHORTER TERM ON YOUR HOME LOAN.
Do you plan to build up equity more quickly and have your mortgage paid off more quickly? If this is your wish, the refinance loan can move you to a mortgage loan program with a short, like a 15 year loan. You will be paying less interest and increasing your equity more quickly.
TO MANAGE YOUR DEBT IN AN EASIER WAY.
If you have a SIGNIFICANT debt, you may have the option to pull out some of the equity in your home (cash out) to put toward that other debt. If you have any debt with high interest (such as credit cards or vehicle loans), you might be able to pay that debt off with a loan with a lower rate with your refinance, if you have the right amount of equity.
TO PAY FOR YOUR CHILD'S COLLEGE TUITION.
Is "cashing out" your main purpose for your refinance? It could be you're planning a special vacation; you need to pay tuition for your college-bound child, or you are updating your kitchen. In this case, you want to get a loan higher than the balance remaining of your current mortgage.
TO MAKE YOUR MONTHLY PAYMENTS LESS!
Are your refinance goals to lower your rate and consequently your mortgage payments? In that case, your best choice might be a low fixed-rate loan. Maybe you now have a higher rate fixed-rate mortgage, or perhaps you hold an ARM — adjustable-rate mortgage — where the interest rate can vary.
Are You Thinking About Refinancing Your Home This Year?
If so, we urge you to go into this process with the facts, first. Visit with an experienced mortgage broker at the Lake of the Ozarks and do be afraid to ask all those questions you have been wondering about. Our mortgage lenders are friendly and very customer service oriented. We are here to answer any questions you may have and help get you through this process as easy and stress-free as possible. Give us a call today at the phone number listed below. You can also follow us on our social media channels listed below to stay up to date on our latest announcements. We post useful facts and tips when it comes to the mortgage process. Enjoy!
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
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