As mortgage interest rates move into record low territory, it is possible – even likely – that you can save money on your home payment by refinancing your mortgage. Refinancing at a lower interest rate has the potential to save you considerable amounts of money each month, depending upon your current interest rate, the interest rate at which you are able to refinance, and the amount you owe on your mortgage. Obviously, the more you owe, the more money it is possible to save. Saving money isn’t the only reason to refinance, but it can be a powerful motivator.
Is it the right move for you? Do not hesitate to consult with a Charleston refinance lawyer at Weeks & Irvine, LLC, about your options today.
There are a number of reasons to refinance your house. Refinancing is simply taking out a new mortgage loan to replace your existing mortgage at a lower interest rate. Options including borrowing only enough to pay off your existing mortgage, but doing so at a lower interest rate so that your monthly mortgage payment is lower. You also can borrow more than your pay-off amount based upon the limits of your equity – the amount your house is worth in excess of the amount you owe – so that you can use the extra cash to pay off other debt, make renovations, or put the money to whatever other use you choose.
Refinancing is a way to increase your financial flexibility. Reasons to refinance include:
To refinance your mortgage, you have to qualify for a refinance loan. There are any number of reasons you might not qualify, so your research should involve determining whether your credit rating will enable you to refinance and whether refinancing will accomplish your goals for refinancing, whatever those might be. You also need to learn what documentation you need to refinance. Our legal team can help with every step of the process.
If you are examining whether you should refinance your mortgage, you should seek the assistance of a real estate professional. Talk to the attorneys of Weeks & Irvine, LLC, who are familiar with the intricacies of mortgages and refinancing and can help you achieve what you want with your potential refinancing.