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Refinancing your home
There are many reasons to refinance your home. Whatever your reason, we will find a program that addresses your particular need. Below we've listed a few of the most common reasons people refinance their home.
GET LOCKED IN ON A FIXED RATE
Many people chose mortgages with an adjustable rate that has or is now adjusting much higher, or a balloon mortgage that is close to term. While interest rates are still low, get yourself locked in on a fixed rate! Secure your rate today!!
LOWER INTEREST RATE
Interest rates may have fallen since you financed your home or your credit may have improved. Refinancing your mortgage at a lower rate will decrease your monthly payment and will save you thousands of dollars over the life of your loan.
CASH OUT YOUR EQUITY
You could cash out equity in your home to pay off higher interest debt. Debt consolidation reduces your monthly payment by combining debt into one manageable payment, often at a much lower rate than most debt. In addition, the interest you pay on a mortgage may be tax deductible!
There are many other reasons for cashing out equity like home improvements, a new car, educational expenses or other financial needs such as Chapter 13 payoffs, Land Contract payoffs, back taxes, or divorce settlements.
Let us know what you have in mind and we'll make the refinance work for you!
REDUCE MONTHLY PAYMENTS
In addition to a lower interest rate and consolidating debt, changing your mortgage term could also reduce your monthly payment. Adjustable rate mortgages often have lower rates than fixed rate loans. There are also interest only loans available, which offer a lower, interest only payment.
Preferred Plus Mortgage understands that every homeowner's financial situation is different. Our mortgage consultants can assist you. Submit and online application.