There can be many events that happen that can make someone consider refinancing a mortgage - a change in market rates, a significant life event, or a need for major home renovations. Depending upon your circumstances, this may be a great option for you. However, there are some things to consider before moving forward.
1. Your current mortgage loan Knowing where you are is great place to start. What is your current interest rate? How long is your term? What kind of loan are you in - fixed-rate, adjustable-rate, balloon, etc.? How many years do you have left on your current mortgage? The answers to these questions can help shed a lot of light on whether or not refinancing is a good option for you at this time.
2. Your reason for refinancing What do you hope to gain from refinancing your mortgage? Lowering your interest rate? Lowering your monthly payment? Getting cash out of your home to pay for renovations or other expenses? All of these? A discussion about your goals will help point you in the right direction as far as the type of loan that may work best for you.
3. How refinancing your mortgage fits into your overall financial goals If getting out of debt quickly is your plan, then a shorter term mortgage with a higher payment could take up financial resources that could be used to pay down higher-rate debt. If you're close to retirement, then coordinating paying off your mortgage to free up your cash post-retirement may be a smart move.
Here at First South Financial our mortgage lenders will take their extensive knowledge and experience and put it to work for you. They can help you discover the right mortgage option for you. To discuss your mortgage lending options, contact us at 901.380.7530 or at mortgages@firstsouth.com today.
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