Refinance
Why Refinance?
Below are 3 main reasons as to why you would want to refinance you current mortgage. As a mortgage brokerage we maintain established relationships with multiple lenders, allowing us to do the mortgage shopping for you! Our lender relationships and mortgage products are built to match all borrowers’ unique lifestyles and financial situations.
Get a Lower Monthly Payment
Since the pandemic emerged interest rates were at all-time lows. Many people rushed to refinance their mortgages to take advantage of the low interest rates. Interest rates are determined by the Federal Reserve to keep the economy stable. Low interest rates is a common economic stimulus tactic, while higher interest rates indicate a more stable economy. Correctly timing the rises and falls of interest rates are key factors to a healthy economy.
Take Cash Out
Refinancing your mortgage to pull out equity from your home is a great way to obtain cash that is available to you. You can use this cash for anything whether that includes making upgrades to your home or using it to purchase another home. With a cash-out refinance, you refinance for a higher loan amount than what you owe and pocket the difference. Any proceeds you receive are tax-free.
Eliminating Mortgage Insurance
If you put less than 20% down when you purchased your home, most likely you carry Mortgage Insurance. Mortgage Insurance is a monthly fee you pay to protect the lender in the event that you default on your loan. You could save hundreds of dollars a month by refinancing to eliminate the Mortgage Insurance you have on your mortgage.
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IPM Real Estate
License #: 23008673
IPM Mortgage
NMLS #: 2488721
