You’ve had many friends recently talk about refinancing their mortgages, and now you’re wondering whether you should do the same. But just what is refinancing, and how might you benefit from it?
When you refinance your home loan, you are essentially replacing your current mortgage with a new one. Some common reasons people come to GVC Mortgage to refinance include:
- Lower interest rates: You may have secured your loan when rates were higher, and now that they’ve dipped, you want to take advantage by refinancing in order to pay less interest over the life of the loan.
- Consolidated debt: Some people choose to roll all their debts into one loan in order to simplify their loan payoff, get a better interest rate, or for a number of other reasons.
- Faster payoff: Did your monthly budget recently change? Are you in a place where you’d like to pay off your loan faster? Refinancing may be a great option for you.
- Lower monthly payments: Is the monthly budget getting tight? Sometimes life changes, and you can’t afford your current mortgage. Some people choose to refinance from, say, a 15-year loan to a 30-year loan in order to spread out the payments and reduce monthly housing costs.
These aren’t the only reasons homeowners refinance, but they are some of the most common. (Click here for a great article from Bankrate.com on refinancing.)
If you would rather discuss refinancing with a home loan professional, then make an appointment with a representative from GVC Mortgage. At GVC, we love to sit down with homeowners or buyers and talk about home loan options. Our office conveniently serves individuals in and around Carmel, Fishers, and Indianapolis. To set up an appointment or to get more information, contact us at (317) 564-4906. You can also get a head start on refinancing your mortgage by applying online.