Are you thinking about refinancing from your current mortgage? We can help you refinance into the perfect Maine mortgage loan fast! We offer flexible mortgage terms and we know you’ll find a suitable loan with them! If you’re still not sure if refinancing is the best option, read about these situations where refinancing makes sense for the homebuyer.
What’s the primary reason for refinancing? For most people, it’s too save money. First time homebuyers don’t usually have the credit score or down payment to get the best interest rates at first. However, many people find that they could get approved for a lower rate some years later, usually after their credit has improved. If you can get approved for a mortgage rate that is even just half a percentage point lower that your current rate, refinancing is probably worth it for you.
Did you get stuck with an adjustable rate mortgage when you really wanted a fixed rate? It’s common for first time homebuyers to take out an adjustable rate mortgage, since they may not have the credit score to get approved for a fixed rate. If your credit score or income has increased in the past several years, you may consider refinancing into a fixed rate mortgage. Although your initial interest rate with a fixed rate mortgage may be higher than that of an adjustable rate, you get the security of knowing it will never increase over time.
Are you struggling to make your monthly mortgage payments on time? If you don’t want to risk having your home foreclosed, refinancing may be the perfect solution. There are a variety of different types of mortgages out there and there’s sure to be one that can offer you a lower monthly payment. Of course, securing lower monthly payments may mean increasing the length of your loan, but it beats foreclosure.
Do you have a large expense that needs to be paid off quickly, such as your child’s college tuition or a major medical bill? In many cases, people turn to some type of bank loan to help pay for the expense, but refinancing to a Maine mortgage loan could be an even better option. As long as you’ve built up some home equity, you can take out money when you refinance your home. Any financial advisor would agree that you’re better off with fewer loans and this allows you to avoid taking out a new one.Is your credit card debt starting to pile up? Credit cards and other types of unsecured debt tend to have very high interest rates. The longer you wait to pay them off, the more debt you’ll accumulate from having to deal with high rates. In many cases, it is more cost effective to refinance your mortgage and use the proceeds to pay off your various forms of unsecured debt.