Refinancing

There are many reasons and benefits to refinancing when evaluating your current mortgage. Every persons circumstances are different and change with periods of life.

Here we will evaluate the most common reasons why people refinance their mortgage and why it may be a good, or bad idea for you as well.

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Cash Out Refinancing

Cash out refinancing of your mortgage is d when you restructure your existing loan by paying off your original mortgage through your new lender, and also receive cash back at the same time, increasing the size of your new mortgage note, possibly adjusting payment terms and using that cash for some of life's expenses./ needs that arise. With today's low rates, we have seen many of our clients pull cash out, reduce remaining terms, and lower their overall monthly payments. Here are some of the reasons why someone may utilize a cash out mortgage refinance:

Pay for Large Expenses

Your home can be a wonderful asset to pay for large expenses that come with life. Things such as children's college, medical expenses, unexpected occurrences, helping family members and many other expected and unexpected necessities. Your home can be leveraged for the equity it has grown at better rates than most other assets or loans around. Utilizing it to handle life's events can be a true blessing when needed.

Consolidate Debts

Despite being smart and owning your home, we all accumulate debts through life. Sometimes these become overwhelming unexpectedly, sometimes life's circumstances change. The equity in your home and the stability of the asset can help to consolidate other higher interest debts such as auto loans, credit cards, medical bills or anything else that happens. Rolling these into a mortgage at low rates and utilizing the saved interest towards your mortgage principal will help you to get out of debt years faster, while saving substantial money.

Remodel Your Home

Home remodels can be both very costly, and very lucrative. Adding value to your home and improving your quality of life are great things but paying for these large up front expenses can be cumbersome. Let the cash value you've worked hard to build up in your home work for you now. Pulling out money against the asset at low interest rates can make for a great investment and resale value in the space you call home.

Reduce Payments

With interest rates at all time lows, now is a great time to refinance just based on cost savings or principal payment increase. The average American throws away hundreds to thousands of dollars per month in interest on their mortgage. Reducing this puts money in your pocket, pays off your home faster and helps you to build your dream rather than the banks. Refinance today with Dominion Mortgage and you could save hundreds of thousands over the life of your home loan.

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Reduce Payments

Rates are currently at all time lows. There has never been a better time to refinance your mortgage to keep money in your pocket. With rates as low as 2.125%, a family coming from even a 4.125% rate with a $500K mortgage loan balance can save over $10K per year in interest. This is money that can be put back in your pocket, go to pay off your homes principal instead of interest to the lender, pay for needed expenses or changes in life. Take advantage of the opportunity available today by refinancing with Dominion Mortgage. These rates wont' last forever.