Having a plan and future goals are so important when it comes to refinancing your mortgage. Managing your way through the mortgage process without any help is like sailing uncharted waters without any experience or skills under your belt. You may be able to manage but it’s riskier and more stressful to do this alone.

Seeking a mortgage expert’s advice will guarantee you smooth sailing. You’ll be guided strategically through the mortgage basics while you captain the ship. Growing equity, building credit, and investing in your future, are some of the most important parts of owning a home. These things are also powerful tools that are useful when consolidating your debt, investing in a property or other assets. Refinancing is the perfect way for your mortgage to adapt to your personal needs and also assist you in reaching your financial goals. Sometimes refinancing your mortgage with a new mortgage allows you to secure new terms, better rates, and possibly lower monthly payment.

Refinancing: Here Are Some Of The Reasons You May Consider Refinancing Your Current Mortgage

Lower interest rates: Dips in the market can prove to be profitable in long-term savings due to lower rates. The savings can sometimes outweigh the initial cost in fees and penalties when breaking your contract early.

Lock in rates: On occasion it may be advisable to lock in a lower rate in order to avoid higher rates in the future.

Change terms: Other situations may cause you to want to change your amortization rate or to change to a fixed or variable mortgage.

Access home equity: Sometimes you may need cash for home renovations, making investments, or paying for your child’s education. Since you are building equity in your home as the years go by it is sometimes better to borrow from your home equity as this is cheaper in the way of interest rates than a personal loan or a line of credit.

Consolidate debt: If you have multiple credit obligations and you are struggling to manage them consolidating your debt may be a good decision for you. If you have enough equity in your home, you may be able to pay off high interest debts by refinancing. When you consolidate your high interest debt into one long-term loan this can often make your payments much more manageable. Having one payment and one interest rate allows you to get your finances under control.

Here’s What’s Required To Refinance Your Mortgage

Evaluate the market: When considering a refinance, you must make sure the circumstances are suitable. Evaluate your mortgage annually, look at current market rates, and make sure the timing is right. Your mortgage expert is the one to guide you through this decision accurately.

Apply: Just like your first mortgage you need to start the process with getting a pre-approval. Provide the required information and submit for a review and we can get the process started.

Research options: In order to determine the type of mortgage that you want you will need to examine your financial situation and your refinancing goals. We can help you ask the right questions, do your homework correctly, and allow you to carefully and accurately weigh your options so your future financial situation will be positive.

Gather documents: Whether you’re handing documents directly to your mortgage expert or uploading them securely through the portal we have an intuitive digital application process that lets you know the exact documents required for your application. Gathering all the relevant documents aids and having a flawless submission process.

Be prepared: Its not always as simple as looking at the current market status. In order to know your options and get the most benefit out of refinancing you must consider many things including interest rates, terms, fees and overall costs.

While refinancing can often be overwhelming it can also be very beneficial for many people. Statistics show that one and six people will refinance and many end up making a bad decision.

The goal here is to have your savings outweigh your overall cost, fees and penalties. Contact one of our knowledgeable mortgage experts to crunch the numbers, evaluate your situation, make a pros and cons list and remove the headache of this commonly stressful situation.

Allow a professional mortgage expert to provide you with a roadmap to your home buying and overall financial goals and we will help you reach the reward at the end all while having the energy to fully enjoy it when you get there. We will help you get the best deal always.