Refinancing

As circumstances in life change, your financial status and goals change as well. Homeownership provides you with unparalleled resources to achieve your financial objectives. Rather than modifying your existing mortgage, refinancing actually pays off your current mortgage and replaces it with a new one. There are several objectives you can achieve by refinancing your home, such as:

Lowering your interest rate
Reducing your monthly payment by refinancing over a longer term than that which is remaining on your current loan
Reducing your payment by removing mortgage insurance payments once your current loan reaches 80% of your homes value
Decreasing the amount of interest paid over the life of the loan by shortening the term of your loan
Protecting against rising rates by converting an adjustable rate mortgage to a fixed rate loan
Financing a large balloon payment
Lower your total monthly bills by consolidating other debts including second mortgages, credit cards, car loans, etc. You may even receive a tax benefit as the interest you pay on your home is tax deductible unlike the interest paid on revolving and installment accounts.
Borrowing cash against the equity in your home for any purpose. Home improvement projects, college tuition, vacation, or investment financing are just a few examples.

These are just a few of the reasons why refinancing may be a good option for you. Your Midlothian Mortgage Group Loan Officer will be happy to assist you in selecting the best refinancing option to meet your needs. Contact your Loan Officer today.