Top Reasons to Refinance Your Home

If you’re thinking about refinancing your mortgage, I have some of the top reasons why to refinance your home now.  There are many reasons to refinance your home like saving on interest payments, lowering your monthly payment, changing from a 30-year loan to a 15-year loan, etc.  However, you should always weigh your options when refinancing.  Is the upfront cost of a refinance worth the long term costs?

To help you make an informed decision, I have a list of reasons to help you make the right decision.

Lower interest rate – If you have not refinanced your home in the last 5+ years, you have a high chance of getting a considerably lower interest rate.  This means you will save thousands of dollars in interest over the life of your loan.

Adjustable Rate Mortgage – Many homeowners are not big fans of the ARM due to the changes in interest rates.  You never know if your rate will be going up or down.  However, while interest rates are low it’s provides a great opportunity.  And, you can refinance to a conventional loan later on.

Combining multiple loan payments – If you have more than one loan on your home, you can refinance to consolidate your loans into one.  In many cases you can lower your overall interest rate and save thousands over the life of the loan.

Tom Kile – Your real estate resource in Amarillo, TX and surrounding communities.

Originally posted at: http://activerain.com/blogsview/3385325/top-reasons-to-refinance-your-home