One question I get frequently is:
“Can I refinance or restructure my mortgage for the medium term? “
The answer is yes. I can help you decide if this makes financial sense and suggest some strategies to consider.
Here are some common reasons you might want to refinance your mortgage.
You can lower your overall monthly debt payments by using the equity in your home to pay off those high interest credit cards or those unsecured loans.
If you have credit card debt, car loans, or other high interest personal loans, you know it can be difficult to pay off everything you owe. You can have those post-vacation debt hanging over your head.
If you’re a homeowner and you have enough equity in your home, consolidating all of your debt and including it in your mortgage payment might be right for you.
Refinancing for debt consolidation has many advantages, including the following:
- A much lower monthly interest rate for all your debts
- Reduce monthly payments by guaranteeing a lower mortgage rate or extending the term of the loan
- The convenience and convenience of making just one monthly payment instead of multiple payments on your credit cards and other loans
- Improve your credit score by reducing the amount you owe and now being able to make all your payments on time
Financing a home renovation or renovation
If you have enough equity in your home, refinancing your current mortgage could give you the funds you need to make these improvements.
There are some advantages to refinancing over taking secondary financing like a home equity line of credit because the interest rate is fixed and you will be able to make small, constant payments over the life of the term, which can range from up to 30 years. , to pay off the debt rather than carrying it to a line of credit at a typically higher interest rate.
Invest in income property or buy a second home
Real estate can be a great investment to add to your portfolio for a long term investment and to create income. Using the existing equity in your primary residence could be the way to start building your portfolio.
Not sure if refinancing is right for you? The numbers don’t lie. Let’s kick them off together and you’ll get an honest, unbiased recommendation and plan of action.
You can try my refinance calculator to get started here or give me a call at 1-888-561-2679 for a no-pressure consultation to run the numbers.