Top Reasons to Refinance with Maureen
Most people know that when interest rates drop, it is a great time to refinance. That may not be the only reason you should consider refinancing your mortgage. Here are other great reasons you should consider refinancing your loan:
Lock In A Fixed Rate
According to recent statistics, over 41% of new home loans originated in the past 5 years have been an Interest-Only (I/O) or Adjustable Rate Mortgage (ARM). While these loan types help lower your payments at first, the payment rises after the initial 1, 3 or 5-year term. Your payment could jump by hundreds of dollars per month! With rates predicted to continue rising in the future, NOW is the time to refinance and lock in a low, fixed rate for the life of your loan.
Consolidate Your Bills
We've all had credit cards with outrageous interest rates and high monthly payments. A debt consolidation loan or cash out refinance can help you to lower your total monthly payments, get out from under those high interest rate credit cards, and get the cash to have some piece of mind.
Drop the PMI
If you made a low or no down payment when buying your home, your monthly mortgage probably includes a Private Mortgage Insurance (PMI) payment. The PMI portion could be $100 or more! If you have owned your house for more than a year, the value may have risen enough that the PMI can be dropped by refinancing. Imagine having that money back in your pocket every month!
Foreclosure Bailout
If you have become behind on your payments due to illness, divorce or any other reason, a foreclosure bailout mortgage can help you start fresh. It can take care of your missed payments, and even put some cash back in your pocket the start fresh with. The only thing needed to qualify is equity, and usually the loan amount can be between 65% - 80% of the current value of the home. While the interest rate will be higher that what you are paying now, it's well worth it to save your home. And when you obtain a foreclosure bailout mortgage with me, I will maintain contact and work with you to re-establish your good credit. Once your credit is better, we can then help you get back into a mortgage with the lower interest rates that you deserve.