Mortgage rates are low and home values are high – this is a great time to refinance your home and save some money! Everybody knows that the lower your rate, the lower the payment. Not everyone knows that there are multiple types of loans to consider when refinancing. Here are three ways to refinance your mortgage today to take advantage of today’s low rates and high home values.
A Debt Consolidation Loan is where we combine all of your high-interest credit card loans together under your low-interest mortgage. This pays off those predatory cards at today’s low home loan interest rates instead of the crazy rates that credit card lenders demand. This saves thousands of dollars may not even increase your monthly payment!
A Rate and Term Loan cuts down the amount of time you have left to pay on your loan. When you turn a 30-year mortgage into a 20 or even a 15, you pay far less money over the life of your mortgage. Because of the low-interest rates, you may not even increase your monthly payment to do it! You can save thousands of dollars over the life of the loan by lowering your rate and paying off the loan faster.
A Cash Out Refinance is when you use the equity in your home and today’s lower interest rates to take out a cash loan from your mortgage. This is ideal to make improvements on your home and increase its value for the future. Home values have increased by thousands of dollars over the original loan by building a deck, installing a pool, or putting up a fence. It’s a great way to use your equity to increase the value of your most valuable asset.
If you’re ready to refinance your home, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?