Why would I want to refinance my home?
People go through a home refinance for variety of reasons, but mainly a home is refinanced in order to save the homeowner money in the long-term by reducing monthly payments or shortening the term of the loan.
Here are some common reasons you might consider refinancing your home loan:
Lower your mortgage interest rate
Reduce your monthly payments
Shorten the terms of your mortgage
Switch between a fixed-rate mortgage and an adjustable-rate mortgage
Access equity in order to finance a major expense such as a home renovation
Our experienced mortgage professionals can help put when it makes sense to refinance in black and white terms that anyone can understand and use to make informed decisions.
When is the right time to refinance my home loan?
While it’s generally considered a good time to go through a home refinance when mortgage rates are 2% lower than the current rate on your loan, it may be a viable option even if the interest rate difference is only 1%.
You should not refinance your home if you’re planning on moving soon, as it’s unlikely that your savings will cover the cost of the refinance (usually 2-3% of the loan amount).
How do I start the home refinance process?
If you’re thinking of refinancing your home, the first thing you should do is talk to a lender about your options. At Desert Canyon Mortgage, we offer free, no obligation pre-approvals and price quotes, and we are happy to sit down with you to go over all considerations and make sure a home refinance is the right option for you.