REFINANCE YOUR MORTGAGE

Refinancing — or replacing your current mortgage with a new one — could help you save money over time. At HUNT Mortgage, we have worked with many homeowners to reduce the amount or duration of their loan payments, and we can guide you through the process, too.

Is refinancing right for you?

You should only refinance if you plan to stay in your home for long enough to recover the cost of refinancing. Our Mortgage Consultants will look at all of your options to ensure you are making the best financial decision for your situation.

Reasons to refinance include:

LOWER YOUR PAYMENTS

If current mortgage interest rates have decreased since you bought your home, or your credit score has increased significantly since you bought your house, it might be a good idea to refinance and take advantage of lower rates. Reduced interest can significantly decrease your monthly payments and save you money in the long term.

PAY OFF YOUR MORTGAGE FASTER

When refinancing because of lower interest rates, your monthly payment may fall enough to allow you to reduce your term limits and still pay around the same amount as you did originally. For example, you may be able to switch to a 15-year mortgage and have payments that are similar to those on your current 30-year mortgage. This means you could pay off your home and build equity faster.

CONVERTING TO A FIXED-RATE OR ADJUSTABLE-RATE MORTGAGE

A fixed-rate loan has a set interest rate, while an adjustable-rate mortgage has a rate that changes based on your loan terms and an interest rate index. If interest rates are rising, it might be a good idea to switch from an adjustable-rate mortgage to a fixed-rate mortgage to avoid increasing monthly payments. On the other hand, if interest rates are decreasing, you can take advantage of those lower rates by switching from a fixed-rate mortgage to an adjustable-rate mortgage.

CONSOLIDATE YOUR DEBT

Are you planning to make a large financial transaction, such as paying a college tuition or completing significant home improvements? You could use the equity you’ve built in your home as credit toward these transactions. Mortgage interest rates are often lower than rates for other types of loans, and they are tax-deductible.

LEARN MORE ABOUT TYPES OF LOAN INTEREST RATES

Let’s look at your options — together.

Our team is here to help you decide if refinancing is the right choice for you. Contact us today to speak to one of our Mortgage Consultants and get started.