Save Money by Refinancing Your Mortgage Loan
Keep it simple, right? This infographic highlights 3 ways refinancing your mortgage loan could unlock savings for your household.
- Eliminate Monthly PMI
- Accelerate Your Equity
- Get a Lower Interest Rate
What is PMI? BankRate provides the following definition for PMI.
When you make a down payment of less than 20%, the lender requires private mortgage insurance, or PMI. The policy protects the lender from losing money if you end up in foreclosure. PMI also is required if you refinance the mortgage with less than 20% equity. If you don’t need it then don’t pay for it.
How to accelerate your equity? There are 2 easy ways to accelerate your equity. The first option requires you to “find new money” and to make extra payments towards your mortgage loan principal. The second option is to get a shorter-term mortgage loan, this can be accomplished by refinancing your existing mortgage.
Can you qualify for a lower interest rate? Maybe! You will only know if your financial qualifications have improved by applying. Keep in mind, if you have been in your home for more than a couple years and there has been improvements in the housing market as well as your personal financial standing. Potentially, you could qualify for a lower mortgage loan interest rate.
So, what you should do today…
First, you should check if you qualify for a mortgage loan with better terms. To get started, call – (561) 420-0001 – or, email – email@example.com – you will be greeted by our lead mortgage broker, Dianne Taylor. Our team of licensed mortgage brokers have been working with people purchasing and refinancing properties in Florida for over 20 years. In fact, we have great lending products that big banks cannot compete with. Finally, our passion is to help our customers find the best residential or commercial mortgage product for their needs.
Let’s chat for a few minutes to understand your objectives and get an idea if refinancing your mortgage loan will benefit you. We expect this content was valuable, remember that shopping for the right mortgage product will improve your chances of getting a better deal.