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What’s the right interest rate for my home?

What’s the right interest rate for my home?

Are you considering your refinancing options? If you’re not sure of the right interest rate for your home, you could be paying more than you should. Take a look at some information that can help.

Lowering Your Payment

If the interest rate when you initially purchased your home was higher than it is now, you could be paying too much. You could potentially lower your monthly mortgage payment by refinancing. The best way to tell is to talk to a mortgage loan professional. They can assess your current loan and recommend options for refinancing that could get you a lower interest rate.

Debt Consolidation

Your mortgage lender can check interest rates and see if it’s worth it to refinance to lower your interest and take money out to consolidate your debt. The key is the interest rate and if it will put you ahead or behind in your financial goals.

Get Cash

If you have equity in your home and the interest rates drop, you could refinance and get cash from your home. If you need to pay for college or a dream vacation, a remodel, or a new car, this might be a great option. Your mortgage lender can help you determine if this is a good move for your current financial situation or not.

Interest rates go up and down based on many different factors. It can be hard to keep up, let alone to know if you have the right interest rate for your home. That’s where Midland Mortgage Corporation comes in. We have the experience and expertise to guide you in the loan process. Contact us today to find out about your interest rate and your refinancing options.

Posted Apr 23, 2020 by Midland Mortgage Corporation