Should I refinance my mortgage?
If you have thought about using your home equity to consolidate debt or finance a renovation, it might be the right time. Refinancing to pay off high-interest debts may be a smart thing to do.
What’s a refinance?
A refinance alters the terms and conditions of your mortgage; specifically, you are increasing the amount of your mortgage to pay off debt.
Here are some reasons consumers opt to refinance:
- Decrease your overall monthly debt payments by using your equity to pay off those high-interest credit cards or unsecured loans, which can help you better manage your budget.
- Help to cover the cost of home renovations
- You could also take out some of the equity for investment purposes -- an option that many homeowners consider this time of year as they look ahead to the new year.
- And there are more uses for your equity such as helping putting your kids through school
Borrowing against your property is not free money. You still own the home so the mortgage loan has to be repaid.
Speak to one of our Mortgage Professionals to Understand Your Options!
As you can see there are many factors to consider before deciding to refinance.
Each individual’s financial situation is different. Let’s talk about your unique situation and the options available to you.
Contact Us Today:
Expert Mortgage Group
1 866 585 2022
expert@mortgagegroup.com