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3 Smart Ways to Determine When to Refinance

3 Smart Ways to Determine When to Refinance

If you're like many homeowners, you may be skeptical at the advice you've been hearing for what seems like years: "there's never been a better time to refinance." But with interest rates near their historic lows and creeping higher, this advice remains truer than ever. Here are three of the smartest reasons to refinance:

#1: Your Home Needs Some Work

A cash-out refinance can be the ideal way to fund a wide variety of home improvements. Whether you need a new roof that your insurance won't cover or want to upgrade your kitchen or bathroom before you move, refinancing generates cash you can amortize over a low-interest 15-, 20, or even 30-year mortgage.

#2: You're Paying Too Much Interest

Refinancing your mortgage can be a great way to put some money back into your pocket each month. Over the last decade, the average interest rate for a 30-year fixed-rate mortgage has dropped by around half. Refinancing locks in this lower rate and reduces your monthly payment over the entire term of a fixed-rate loan.

#3: You're Getting a Divorce

If you're mid-divorce and are splitting a house, it's likely that one of you may wind up buying the other one out so you both can have a clean slate. Refinancing an existing mortgage can solve two problems at once by giving you the opportunity to remove your spouse's name (or your own) from the mortgage while providing the extra cash needed to make an equalization payment.

Regardless of why you need (or want) to refinance, Midland Mortgage can help. Give us a call at (800) 854-9484 or visit our website to get more information, contact us with questions, or schedule a service through our "contact us" page.

Posted Sep 27, 2018 by Midland Mortgage Corporation