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Should I refinance?

It’s a question many homeowners are asking themselves these days. No doubt there are some great reasons to refinance. Do you want a Lower rate? Shorter term? Cash out for bills or refinancing?

Top Reasons to Refinance

  • Save more money – Interest rates are still low. Your monthly payments will be reduced if you get a low rate or when your loan term is extended.
  • Convert an ARM to a fixed rate mortgage – Lock in a low rate. Repay the loan with
    stable payments.
  • Eliminate PMI – If your current loan balance is below 80%, refinance and
    eliminate private mortgage insurance. VA Loans are exempt from PMI. USDA loans have a very low PMI factor (0.4%).
  • Pay down your mortgage quickly – Shorten the length of your mortgage by
    reducing the loan term. Monthly payments will go up, but you can save more in the
    overall interest payment. And, you’ll be debt free in a shorter time.
  • Extra cash now – If you have enough home equity, borrow more than the current
    loan balance and pay off credit card balances with the extra cash. Mortgage
    interest is deductible. Credit card interest is not.
  • Consolidate two loans – You can consolidate first and second mortgages if there’s enough equity (due to high appreciation), and refinance into a single first
    mortgage. You’ll most likely have a lower monthly payment.

You owe it yourself to at least look into refinancing your home. Refinancing will make sense if you are into it for the right reasons and at the right time. A Waterstone Mortgage professional mortgage can help you decide if refinancing is the best idea for you right now. If it is, your loan originator will find the best program and rate for you. If it’s not, you’ll get the straight truth. Contact on of our Loan Officers Today!

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Incline Village Office
923 Tahoe Blvd., Ste. 208
Incline Village, NV 89451
(775) 831-5666

NMLS # 392700

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Provider of Conventional, VA, HARP Refinance Program, USDA, Construction and Super Jumbo Home Loans in Nevada.

Preferred VA lender for Creech Air Force Base and Fallon Naval Air Station.

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