Ready to pay less in interest and lower your monthly payments? Disney Financial may be the right step for you.
Mortgage Refinance
A mortgage refinance is when you replace your existing mortgage with a new one. With a refinance, you may land a lower interest rate, shorten or extend your loan, convert an adjustable rate mortgage to a fixed rate mortgage, or use your equity to meet financial goals.
Once we learn more about your unique situation, Disney Financial will inform you of whether a mortgage refinance is a smart choice. Here are some signs that may indicate you’re a good candidate for a mortgage refinance.
Here’s some reasons why a Mortgage Refinance Might work for you and why Disney Financial can help!
Interest Rates are Lower
Factors like the economy and inflation cause mortgage rates to fluctuate. If mortgage rates are lower than they were when you took out your original mortgage, you might be able to refinance to a lower rate and save thousands of dollars in interest over the life of your loan.
You Want a Lower Monthly Payment
Whether your income has gone down or you’re looking for some extra cash each month, you may extend your term and lower your monthly payment through refinancing. Note that this option will cause you to pay more in interest in the long run.
You Want a To Change Your Mortgage Terms
Whether your income has gone down or you’re looking for some extra cash each month, you may extend your term and lower your monthly payment through refinancing. Note that this option will cause you to pay more in interest in the long run.
You’d Like to Access to Your Home’s Equity
A cash out refinance is when you take out a new mortgage that’s larger than what you previously owed on your original loan and keep the difference in cash. You may use this cash for just about anything you’d like. It can be a great way to pay off high-interest debt or improve your home.
Your Credit Has Improved
Your credit score plays a vital role in the interest rate you receive. If your score has improved since you took out your current mortgage, you may be able to refinance into a lower rate mortgage and save a lot in interest.
You Have an Adjustable Rate Mortgage (ARM)
If you have an ARM home loan but rates are going up, you might want to switch to a fixed-rate mortgage through a refinance. With a fixed rate mortgage, you can budget for your monthly payments and avoid sudden rate increases that take a toll on your finances.
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