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.
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:
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.