Mortgage Refinancing Explained
Refinancing your mortgage can be a strategic financial move that offers various benefits. We understand the importance of helping our clients make informed decisions about refinancing. Mortgage refinancing involves replacing your existing mortgage with a new one under different terms, which can lead to lower monthly payments and significant long-term savings. We keep our clients informed about current refinance mortgage rates, providing them with the insights needed to determine when a refinance might be most advantageous.
Why Refinance?
Refinancing provides an opportunity to reassess and customize your mortgage terms based on your current financial situation and goals.
Lower Monthly Payments
Consolidation of Debt
Shortened Loan Term
Improved Credit Score
Access to Home Equity
Switching from Adjustable to Fixed Rate
Escaping Mortgage Insurance
Financial Flexibility
The Power of Mortgage Refinancing
Refinancing is the opportunity to reduce your monthly mortgage payment. Given the current low mortgage rates, a refinance may allow you to secure a lower payment, putting more money back in your pocket each month. Additionally, consolidating high-interest debt is another avenue to explore through refinancing. By leveraging a lower interest rate, you can pay off higher-interest debts and streamline your financial obligations into a single, more manageable monthly payment, even if you have less-than-perfect credit.
Lower Payments, Higher Savings
Refinancing presents an opportunity to accelerate your path to homeownership. Shortening the term of your mortgage, such as moving from a 30-year to a 15-year loan, not only lowers your overall interest payments but allows you to pay off your mortgage faster.
Shortening Terms and Expediting Equity
At MPS Mortgage, we provide guidance on the various refinancing programs available, empowering you to choose the option that best aligns with your financial goals. When you're ready to explore the potential advantages of mortgage refinancing, our team is here to provide expert advice and assist you through every step of the process.
