REFINANCING

SHOULD I REFINANCE?

Do you have equity in your home?

Do you know the current value of your home? Depending upon how long you've owned your home, you may have equity that you can tap into.

Build equity more quickly

If you are in a position to refinance from a 30-year loan program to a 15-year loan program you can more quickly pay down your mortgage debt. Refinancing to a lower rate with a similar term can also open the door to allow you to make additional payments of principal which can help you build equity faster.

Do I still need to pay Mortgage Insurance?

Contact us if mortgage insurance was a requirement when you closed your loan so we can review your current situation and determine whether refinancing makes sense.

Change your loan program

Are you in an adjustable mortgage (ARM) today? If yes, and you would like to switch to the stability of a fixed rate mortgage, apply now or contact us and one of our experienced team will review your current situation and provide you with comparative details.

Questions to ask yourself...

• Are the current interest rates lower than the rate on your current mortgage?
• Has the equity in your home increased?
• Do you have a specific goal in mind for refinancing (lowering your monthly payment, paying off your loan more quickly, etc.)?
• Are current interest rates higher than the rate on your current mortgage? If yes, perhaps obtaining a HELOC is something to explore. Click here to learn more.

 

Apply now to experience the New Northside Lending difference!