Consumers are frequently targeted to refinance their mortgages. It often makes sense for most homeowners, but it’s important to look beyond the promise of a new lower rate. Knowing your options, as well as the risks and benefits, is key to making an informed decision.
With a long-term outlook, borrowers will realize several ways refinancing or restructuring can benefit their financial position. Refinancing may:
- Consolidate debt*
- Lower interest rates
- Maximize monthly cash flow
- Reduce mortgage terms
- Remove a lien hold or a borrower
- Validate Mortgage Strategy & Objectives
*American Pacific Mortgage does not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. Debt consolidation may increase your monthly cash flow however it may also increase the amount of your debt over a period of time by including the additional debt in your mortgage amount, which is financed over a longer period of time than the debt consolidated may have been financed. We encourage all consumers to do their own research, and examine their options carefully before selecting a particular course of action.
But homeowners with shaky credit may need to take extra precautions when considering refinancing. And the abundance of contradicting information available — as well as the potential for surprise fees — makes it difficult to understand how to take the first step.
At The Mortgage Medic Team, we believe mortgages should fit a homeowner’s lifestyle and adapt as that lifestyle changes over time. We also know how quickly conditions can change. That’s why our approach is not based on transactions, but rather on trust and being a life servant to our clients. We don’t say “no” in the face of obstacles; we provide a plan and sound advice to help homeowners achieve their goals.
Researching mortgages and refinancing can be confusing and frustrating, but knowing your options is vital to your future as a homeowner. Work with our local experts to understand the refinancing program that fits your needs, no strings attached.
Contact The Mortgage Medic Team today to review your current loan position, determine the benefits of refinancing and be an informed mortgage holder.