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If you’re one of the millions of Americans with a mortgage rate over 6%, you’re probably asking yourself: Should I refinance my mortgage?  Maybe you’re comfortable with your payment right now or maybe you’re not sure if you have time to go through the refinance process.  Even if you’ve been able to balance your budget using your current payment, wouldn’t it be great to save some extra money each month?  And if you’re working with the right Home Loan Expert, the refinance process will be easy and painless.

Need more reasons to refinance your mortgage?  Here’s a few:

• Lower Your Interest Rate – One of the top reasons to refinance is to lower your interest rate.  Many people are concerned with their ability to get a lower rate due to decreasing home values.  Our advice: It never hurts to try.  There are a lot of great programs out there right now for many people.  If you haven’t talked with a Home Loan Expert about what’s available you could miss out on the lowest rates in history.
• Get Cash Out to Consolidate Debt – Did you know that student loan debt has now surpassed total credit card debt in this country?  If you have high-interest student loan, credit card or any other debt that’s piling up – a cash out refinance could help you consolidate your debt and give you one payment to make each month.
• Cash-In Refinancing for Underwater Borrowers - Cash-in refinancing is gaining momentum in today’s market and can make sense for a lot of borrowers.  It requires a little math in order to determine whether or not it makes sense for you, so it’s best to contact a Home Loan Expert to help you work through the numbers.  However, bringing some additional money to the closing table in order to lock in a low rate could benefit you in the long run, especially if you plan on staying in your home for many years.
• Convert an ARM – Mortgage rates may currently be at historic lows, but they aren’t going to stay this low forever.  If you’re in an adjustable-rate mortgage it might make sense to refinance into a low fixed-rate mortgage.  If you like your ARM but want to take advantage of today’s low rates, you can also refinance into a new ARM to extend your fixed period while rates are still low.

There are plenty of great reasons to refinance your mortgage.  The most important thing to remember is this – Don’t convince yourself that you cannot refinance.  Call a Home Loan Expert to evaluate your situation and discuss your options.

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