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Reasons to Refinance

When you have a clear objective in mind for refinancing your mortgage, you're more likely to choose a loan that will help you meet your long and short term financial goals.

Here are a few good reasons that homeowners refinance:

Refinance to lower Your Monthly Mortgage Payment
A percentage drop of just one half to three quarters of a percentage point can lower your mortgage payment. If you don't refinance, you may be paying to much every month for your loan, and that's never a good financial move.

There are three ways refinancing can lower your payment. The first is simply to refinance at a lower interest rate. You can also change the term on your mortgage to lower your payment. Switching from a 15 year to a 30 year term can lower mortgage payment. But, if long term savings is more appealing to refinancing from a 30 year to a 15 year mortgage can save you thousands of dollars over the life of your loan. The third way to lower your payment is by switching from a traditional mortgage with principal and interest payments to a mortgage program such as the Smart Choice Loan that allows a minimum payment option or interest only payments.

Refinance to Access Cash
Think of the equity in you home as a savings account that you could access through a cash out refinance. You may want to finance an important home improvement that will increase the value of your home, pay for college or pay off high interest credit card debt. Whatever your reason, this may be the right option for you.

Refinance to Pay Off Credit Cards And Other Debt
The difference between credit card debt and mortgage can, financially speaking, mean thousands of dollars. Why? Credit card debt is compounded where the interest on a mortgage is simple, and often tax deductible. Using the equity in your home rather than your credit card to finance expensive purchases can save you money paid in interest in the long run. Be sure to consult your tax advisor.