You may be able to bring down your interest rate (sometimes substantially) and make smaller mortgage payments with a refinanced mortgage loan. Additionally, you might be given the option of tapping into your home equity by "cashing out" some money to fix up your home, consolidate debt, or take your family on a vacation. You could be able to refinance to a shorter-term mortgage loan, giving you the ability to build your home equity faster.
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Paying discount points can get you a lower interest rate. Your savings over the life of the mortgage might be substantial if you have paid up front about three percent of the new loan total. We recommend that you talk to a tax professional before acting on hear-say that any paid points may be deducted on your taxes.
Speaking of taxes, once your interest rate is lowered, of course you will also be reducing the interest amount that you'll be able to deduct from your taxes. This is one more expense that borrowers take into consideration.
All things considered, for most people the amount of initial costs to refinance are paid back very quickly in monthly savings. We will work with you to find out which loan program is perfect for you, taking into account your cash on hand, the likelihood of selling your home in the next few years, and what effect refinancing will probably have on your taxes.CALL US AT 864-438-4550 TO EXPLORE YOUR MORTGAGE REFINANCE OPTIONS.