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3 Key Benefits to Refinancing Your Home

          1.   Reduce Your Mortgage Payment

The number one reason that many people refinance is to take advantage of lower interest rates and reduce their monthly mortgage payment. With interest rates near historic lows, now is as good of a time as ever to refinance. However, be sure to act fast because interest rates are not going to stay this low forever. The Federal Reserve chair, Janet Yellin, indicated at the Fed’s 2016 monetary policy conference that the case for an interest rate hike has strengthened in recent months. If the Federal Reserve does raise interest rates this year, mortgage interest rates may increase with them. Therefore, do your research now and your wallet will thank you later!

          2.   Turn your Equity into Cash

Many people choose to refinance in order to tap into their equity and receive some cash. Whether you need to cover the cost of an investment property or your child’s college education, refinancing may help. However, if you choose to take this route, be sure that you can manage the additional debt responsibly.

          3.   Shorten the Term of Your Loan

Refinancing your 30-year mortgage into a 15-year mortgage may offer you the opportunity to pay off your debt in less time. If being debt free is a priority for you, refinancing may help you tremendously. Nevertheless, before you refinance to a shorter term, be sure to ask yourself these 5 questions.

 

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Jeffrey T. Bald, Esq. President
192 Duke of Gloucester St. • Annapolis, MD 21401
(410) 267-9300 • (410) 269-1900 office • (410) 269-6477 fax
contact@atlantictitlecompany.com

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