There are several reasons to consider refinancing your home mortgage other than lowering the monthly payment. Here are a few benefits:
- If you closed on your home several years ago when adjustable rates were popular, refinancing will give you an opportunity to lock in a fixed rate so you know what to expect every month.
- You are able to change the length of your mortgage. You can shorten the term to a 15 year (from the popular 30 year term) to decrease the amount of money you will be paying in total interest.
- If you have several mortgages, refinancing can give you the opportunity to consolidate and only have one monthly payment. Similar to consolidating student loans, by consolidating your mortgages you will have one monthly payment and one interest rate.
Janus Real Estate Group * Heather Anderson * 972-765-3773
