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Reasons Why You Might Want to Refinance

Are you considering refinancing your mortgage this year?

Did you know that refinancing may help lower your total monthly mortgage payment and help you save money? When you refinance your mortgage you have an opportunity to change your payment terms.

Here are a few areas where a mortgage refinance can put some of that money back into your wallet.

  1. Lower Interest Rate – If your home was originally financed with a higher interest rate, you may be able to secure a lower interest rate now, especially if your financial standing has improved since first financing your home.

  2. Change Your Type of Loan – Now is the perfect opportunity to switch from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate Mortgage. If interest rate fluctuation is a concern for the future of your mortgage then refinancing can help.

  3. Consolidate Debt Using the Equity of Your Home – Consider a Cash out Refinance to consolidate debts. Utilize the extra cash to pay off school, cars or unexpected bills. This could save you hundreds on interest and provide you with peace of mind.

  4. Renovate Your Home Using the Equity of Your Home – A Cash out Refinance can also free up some funds for a home remodel.  Homeowners can choose to finally update their flooring, roof, landscaping and so much more!

  5. Eliminate Mortgage Insurance – If a home was first purchased without a 20% down payment then the mortgage payment probably includes a private mortgage insurance premium. Refinance your home to eliminate the mortgage insurance and save on your monthly payment.

These are just some of the ways that a mortgage refinance can work for you. Speak with a Loan Officer from NOVA ® Home Loans to start saving, today!

The information contained here is educational only. Other conditions and restrictions may apply. Rates and available programs are subject to change without notice. Contact your loan officer for more information.

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