Lower Your Rate
If the current market rates are lower than your mortgage rate, refinancing your mortgage can be an effective way to lower the rate on your mortgage which could lower your monthly payments.
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Lower your rate with a refinance
Perhaps you’ve heard about the Federal Reserve raising or lowering interest rates in the news. These rate adjustments usually have an effect on mortgage rates.
At any given time it could make sense to refinance your mortgage to get a lower rate, depending on the rate that you’re paying for your mortgage now.
When is it a good idea to refinance for a lower rate?
you want to make sure it makes senseRefinancing your mortgage to get a lower rate can be a fantastic way to lower your interest, and lower your monthly payments, but it's only something that you want to do if it makes sense in the macro-economic environment.
What are reasons to consider a mortgage refinance?
it's your equity, use it when you need itMortgage refinancing can make a lot of sense for a lot of different reasons. your reason for refinancing will play a large role in what kind of refinance option works best. Below are some of the more common reasons someone may decide to refinance their mortgage.
Lower your interest rate
If the interest rate on your mortgage is higher than the current market interest rate, refinancing your mortgage could be a great way to lower rate.
Refinancing your mortgage could be a good way to change the type of loan you have. Like going from an FHA loan to a conventional loan for instance.
A new loan can also mean a new loan term. If you currently have a 30 year mortgage, you can refinance into a 15 year and shorten your loan term.
A cash out refinance is a good solution if you've got a big purchase planned or if you're ready to start that big home renovation project.
One of the most popular reasons to refinance. Finally finish that dream renovation project you've been thinking about.
Consolidate debt
Refinancing your mortgage can be an excellent way to consolidate debt. Leverage your home equity to help improve your finances.
Save on interest
lower your paymentsWhether you're trying to move out from under your current mortgage interest rate, or you're trying to get out from under an FHA loan, refinancing your mortgage for a lower rate can present a good opportunity.
Power Mortgage LLC has been assisting clients with refinancing for years. Our team of professionals are passionate and motivated to be sure that clients are always making the most of their home finances.
Have questions about refinancing for a lower rate?
We've put together some answers to commonly asked questions about refinancing for lower rates1 Should I refinance for a lower rate?
If you're able to refinance your mortgage and get a lower interest rate than you currently have on your active mortgage loan, it could make sense to refinance your mortgage for a lower rate. Our agents at Power Mortgage LLC are experienced mortgage professionals, and you should always contact a professional before making your decision. Contact us today by sending the contact form below.
2 Are rates too high for me to refinance for a lower rate?
Sometimes borrowers can refinance a 30 year mortgage into a 15 year mortgage as a way to pay less interest on mortgage payments.
Whether or not this specific situation makes sense will depend entirely on macroeconomic factors and your specific financial situation. Our agents at Power Mortgage LLC are ready and waiting to answer any questions you may have about your mortgage and if refinancing for a lower rate works for you.
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We love helping clients.Provide us with some basic information and a message and we'll get back to you as soon as we're able. Looking for a mortgage broker? Have questions about refinancing your mortgage? You've come to the right place.