Refinancing?
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Four Common Refinancing Options
Cash Out or Cash Back Refinance
This plan allows you to refinance your mortgage for more than you currently owe. The difference and the equity is converted into cash for the homeowner.
Lower Fixed-Rate Loan
Consider refinancing your high fixed-rate mortgage to a low fixed-rate loan if market rates have dropped. This option provides stability and security compared to an adjustable-rate mortgage (ARM). Even if your current adjustable rate is low, it is not guaranteed to remain so. Locking in a low fixed rate for the entire loan duration is a wise choice, especially if you don't plan on moving within the next five years.
Short Term Loan
A shorter-term loan could quickly build equity and pay off your mortgage sooner. Despite higher monthly payments, you'll save on interest and achieve a faster mortgage payoff. Moving from a 30-year fixed loan to a 15-year fixed loan also enhances your interest tax deduction. In certain cases, you can refinance to a shorter-term loan without increasing your monthly payments, especially if you've held your current mortgage for years.
Long Term Loan
To lower your monthly payments and improve your financial situation, consider refinancing to a longer-term loan. Assess your current mortgage and determine your objectives before proceeding with the refinancing process. Choose the option that best aligns with your goals and helps you achieve them effectively.