Real Estate Attorney in Morris County NJ
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Why should I refinance my mortgage?

  1. You can significantly lower your mortgage payments, in turn lowering your total monthly payments and freeing up that cash for other purposes.

  2. You may be able to lower your debt to income ratio. Refinancing today could help a great deal when it comes to lowering your debt load. By freeing money up from mortgage payments, you'll be better able to increase the payments you make on your debt load.

  3. You can eliminate the cost of private mortgage insurance (PMI). If you were not able to put 20% down on the cost of your home when you first purchased it, you're likely paying a fee in a type of monthly mortgage insurance called PMI. If you refinance, you may find that you're able to either reduce or completely eliminate your PMI payment. This could save as much as $150 per month.

  4. You can get cash for a large, one-time expense. It's better to borrow money on your home in the form of a home equity loan than it is to take out other types of loans. This is because interest on the home equity loan is tax-deductible which provides you extra savings. Home equity loan rates are usually lower than regular loan rates.

    If you have decided to refinance, you should contact lenders and compare their interest rates. Once you select a mortgage broker, contact us and we can close it for you.

    If you have any questions about this article or the refinancing process, give me a call. 973-898-7300 x126.

    Marty Eagan
    Marty@MartyEagan.com

The Law Office Of Martin D. Eagan
52 Maple Avenue
Morristown, NJ 07960
Tel.: (973) 898-7300 | Fax: (973) 734-1903
marty@martyeagan.com

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