 BENEFITS OF REFINANCING YOUR HOME
* Lower Your Monthly Mortgage Payment : A simple rate and term refinance could lower your monthly payments, which also increase your monthly cash flow.
* Pay off Credit Cards and Other Debt: Debt consolidation could improve your monthly cash flow & increase your tax benefits by paying off all those high interest-revolving accounts and other unwanted debts.
* Access Your Cash: Pull cash out for a NEW CAR of your choice, cruise to Europe in a luxury suite aboard the cruise ship, pay the kids' college tuition, adopt a Child, or remodel the house.
* Trade up To a BIGGER Home : Pull out cash to purchase a bigger and better home and turn your old home into a cash producing property.
* Purchase Investment Property: Make your money work for you by purchasing investment property such as rentals or fixer uppers that make you more money than you can imagine.
* Convert an Adjustable Rate Mortgage (ARM) to a Fixed-Rate Mortgage : Some homeowners refinance in order to change the type of loan they are paying off. Some homeowners grow uncomfortable with the variability of adjustable-rate mortgages and would rather have a fixed-rate loan. Others need to reduce monthly expenses and choose an adjustable-rate loan to lower their payment.
* Convert a Fixed-Rate Mortgage to an Adjustable Rate Mortgage (ARM): However, if you only plan on staying in your home for a few years, paying a higher interest rate for a 30-year fixed-rate mortgage may be costing you money. Consider refinancing to an Adjustable Rate Mortgage (ARM) instead, and pay a much lower amount each month.
* Shorter or Longer Term: Yet another reason for refinancing is to shorten or lengthen the term of your current mortgage. If your income has grown substantially and you are happy living in the same home, you could reduce the length of your loan by simply refinancing to a shorter or lengthen-term mortgage with a smaller balance but higher payment. By doing so, you will save a substantial amount of money.
* Get Rid of Private Mortgage Insurance (PMI): PMI only protects the lender and has no tax benefits for the borrower.
* For a Reverse Mortgage : A Reverse Mortgage, also known as 'equity release' is a financial process that allows seniors to convert the equity in their homes into cash. The main reason to do this would be because monthly retirement income is not sufficient to survive. To qualify you need to be a homeowner; be over 62. The type of reverse mortgage selected, the person’s age, the current interest rate, the home’s location and the home’s value, determines the size of the reverse mortgage. Interest payments, which are not tax deductible, are added to the loan - with no repayments required - this can eat into.
* 2nd Mortgage - Maybe Better Than Refinancing: You have probably received refinancing offers in the mail or advertised online touting your ability to pull out your home’s equity. Nevertheless, a 2nd mortgage, also called an equity loan, may be a better financing option than refinancing your mortgage. 2nd mortgages are ideal when you just want to tap. Tapping Your Equity Tapping into your home’s equity is best done through a 2nd mortgage if you already have a low interest loan. Flexible Loan Amount a 2nd mortgage allows you to take out your home’s equity over the course of several years.
* Home Equity Loan: If you have lived in your home for a reasonable amount of time, you may be considering refinancing. Refinancing can be done in a few different ways. One of the most popular recently has been the home equity loan. A home equity loan is a loan used to pay off your existing mortgage at a lower rate. Home equity loans also come in the form of a line of credit, better known as a home equity line of credit.
Speak to a Qualified Refinance Expert at Magic Funding Group so we can help you make the right financial decision that will enhance your financial future.
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