Mortgage refinance has become a popular financial remedy, especially for people who are burdened by large monthly or multiple debts.
The decision to refinance may be right for you if you want to:
- Obtain a Lower Rate or Monthly Payment
The interest on a fixed rate mortgage that you took several years ago may have dropped drastically. Refinancing the existing mortgage will entitle you to receive the lower rate - and a lower rate means a lower payment!
- Convert an Adjustable Rate Mortgage into a Fixed Rate Mortgage
The interest rates on an adjustable rate mortgage (ARM) might be low initially, but the fluctuations are unpredictable. Many people find these constant variations in the interest rate taxing and prefer to refinance the mortgage into a secure, fixed rate type...especially with today's rates being at record lows!
- Consolidating Multiple Debts In To One
Paying your monthly mortgage, credit card, car loan, and your line of credit can be a struggle for a lot of people. The solution to consider in this case is to consolidate the multiple debts into one manageable item, with a fixed monthly interest rate and an appropriate repayment duration.
- Have Some Rainy Day Cash Set Aside
You can refinance your existing mortgage to free a larger amount of cash, depending on your home equity. Since a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan. We can also provide you with a great Line of Credit if you Prefer.
FOCUS Mortgage Solutions works with you to decide whether it is the right time for you to refinance or if it is not the right time to refinance. The decision to refinance should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing it to your income and other debts, we will help you pick the solution that best suits your unique needs...and we don't believe anyone does it better than we do!