4 Reasons to Refinance Now

If your mortgage’s current interest rate is one, two, or even three percent higher than the market’s remarkably low interest rates, but you still remain hesitant to make the leap to refinance your home – stop.

Regardless of whether your hesitancy stems from hearing one to many refinancing horror stories (while they do exist, they are often the byproduct of an unscrupulous mortgage broker), or from some other reason that even you don’t fully comprehend, think about all of the reasons why you should refinance now.

1. Move to Longer or Fixed Term: Moving from a 15-year (or shorter) to a 30-year fixed mortgage term has the potential to be one of the best financial decisions you can make as a homeowner. Even if you don’t receive a lower interest rate, you can still anticipate saving quite a bit of money on your monthly mortgage payment.
   
2. Move from ARM to FRM: If you currently have an Adjustable Rate Mortgage (ARM), but your circumstances have changed, or you find yourself worrying about rising interest rates, moving to a Fixed Rate Mortgage (FRM) may be a better option for your particular financial situation.
   
3. Tap into Your Home’s Equity with a Cash-Out Refinance: I wrote a blog post last week that detailed the definition of a “Cash-Out Refinance” and how it can benefit homeowners looking to remodel their home – although you can use the money for other purposes as well. This type of refinance loan program allows you to refinance your existing mortgage to access its equity.
   
4. Get a Lower Interest Rate: Considering that the interest paid on your mortgage is probably one of your biggest expenses, it certainly makes sense to take advantage of today’s incredibly low interest rates, in order to reduce it. That’s money you can put away for a rainy day or use to pay other expenses.
   

So there you have it – 4 reasons why you should seriously consider refinancing now, rather than waiting for interest rates to increase, and being sorry later. Contact Forthright Funding today at 855-351-9522 to learn more about the many available refinance programs we offer.