Everything You Need to Know about Refinancing and If It Is Right for You


Are you wondering if you should refinance your home? Today’s refinancing options provide homeowners with the flexibility they may have been unable to achieve with their previous home loans. For example, lower interest rates can decrease your monthly mortgage payment, or you could switch to a more predictable fixed-rate loan to get the funds you need for an urgent expense.

For many homeowners, refinancing is a solution to get out of a less than stellar mortgage situation, but is it right for you? Keep reading for the info to help you decide.

Can You Lower Your Interest Rate by 1% or More?

Even if the refinanced loan only lowers the interest rate by 1%, it may be worth it to you in the long run. This is true only if you plan to stay in the home long enough to recover the refinancing costs. A new mortgage allows you to get rid of the private mortgage insurance (PMI), which is an additional financial benefit.

When to Choose Refinancing

How can you know if refinancing is a good choice? It makes sense to refinance when you are experiencing the following scenarios:

  • You need to consolidate your mortgage payments.
  • Your mortgage payments are out of control.
  • You need money for home upgrades to increase home value.
  • You are struggling financially and need help to avoid foreclosure.

At Midland Mortgage Corporation, our friendly experts are here to help you weigh the pros and cons of refinancing. If you are ready to move forward with a new mortgage product, we can help you find the perfect loan option to meet your needs. We have refinancing options for homeowners in all credit situations. Contact Midland Mortgage Corporation today to refinance your mortgage.

Back to Blog ListBack to Blog List

Stay Up to Date with the Latest Mortgage News!