15
Benefits to Refinancing Your Mortgage
1. Lower your
monthly payment
2. Reduce your term and pay off your mortgage years sooner
3. Save thousands of dollars in interest charges over the life of
your loan
4. Use a portion of your new mortgage to consolidate debts
5. Increase appraisal value of home by remodeling your home
6. Reduce interest rate charges by taking advantage of the low
mortgage rates that are being offered
7. Refinancing your mortgage when rates are down could save you
hundreds of dollars every month and thousands of dollars over the
life of your loan
8. Changing from an adjustable rate mortgage to a fixed rate
mortgage brings advantages. ARM's fluctuate with changes in the
market rates. Your monthly payments are likely to go up as interest
rates increase
9. By
switching to a fixed-rate mortgage, you'll enjoy the stability of a
low, fixed rate that stays low
10. A major benefit to refinancing is the ability to lock in a low
interest rate for the duration of your loan
11. By reducing the term of your mortgage you build equity faster
12. Convert equity to cash
13. Use the equity in your home to add living space in your home as
your family grows
14. Refinancing with the cash-out option allows you to finance your
spouse or children's education
15. The cash-out option allow you to fund your business or use funds
for investment purposes
Source: Unknown - Advanced
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