Why should I refinance my mortgage?
- You can significantly lower
your mortgage payments, in turn lowering your
total monthly payments and freeing up that cash
for other purposes.
- 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.
- 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.
- 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
The Law Office Of Martin D. Eagan
52 Maple Avenue
Morristown, NJ 07960
Tel.: (973) 898-7300 | Fax: (973) 734-1903