Is Refinancing Right For You?
Now is a Great Time to Refinance!
Rates are historically low and LoanLynx’s many mortgage options provide you with unparalleled choice to refinance with a loan that fits your exact needs.
With today’s rock-bottom rates and flexible options, we can help nearly everyone find a program that can save them money over their existing mortgage. Ask us to show you how to:
- Reduce your monthly payments
- Reduce lifetime interest payments
You may also know that refinancing can enable you to:
- Free up discretionary cash each month
- Consolidate higher interest rate debt (such as credit card debt)
- Generate cash for worthy projects such as home improvements
- And more!
By refinancing, you pay off your existing mortgage with a better rate and/or terms. A refinance decision includes considerations such as interest rate, monthly payments, lender fees and length of time you plan to stay in your home. Talk to LoanLynx to determine how you can benefit from refinancing.
Reduce Monthly Payments
Don’t miss out on today’s low interest rates! You can lower your monthly payment as well as the total interest you will pay over the years. And if you have an adjustable-rate mortate (ARM), here is your chance to lock in a low, predictable monthly payment with a fixed rate loan. Or, if you plan to move in the near future, consider refinancing to a lower-interest ARM.
A general guideline: lower your rate by at least two percent and you can save considerably on your monthly payments. Let us show you how much you can save!
Purchase an Investment Property
With today’s buyer’s market, the time could be right to put the perennial wisdom of “buy low, sell high” into motion. Refinancing with a cash-out option can provide the money you need for purchasing investment property.
Minimize Interest on Shorter Terms
By refinancing with a shorter mortgage term, you will be “free and clear” faster and save big on interest payments over the life of the loan. Because shorter terms feature lower interest rates, you’ll save even more. What’s more, reducing your debt more quickly builds equity in your home more quickly. Count on LoanLynx’s expert advice and flexible term options for your ref-fi solution.
Eliminate Private Mortgage Insurance
You don’t need mortgage insurance if you have at least 20% equity in your home. This can be the case after paying your mortgage for a number of years or if your home has risen in value. Refinancing can eliminate mortgage insurance-lowering your payments forever.
Consolidate High-Interest Debt
If you carry credit card, car loan or other high-interest debt, a cash-out refinancing option can help. Using your home’s equity, you can use a portion of your loan to consolidate that debt with a lower interest loan and a single monthly payment. (You can lower your monthly debt payments; however you may pay more in total over the typically longer term of a mortgage.) Using refinancing for debt consolidation could mean tax savings since mortgage interest is often deductible.
Access Home Equity as Cash
Convert your home’s equity to cash to use as you please. The cash-out provision of refinancing enables you to take the difference between your old mortgage balance and the new loan, within certain guidelines. Use the cash for any purpose. Tax deductibility may apply to the interest you pay as well. We can show you the many options you have to put your home to work for you.