|
|
|
|
|
The benefits of home refinancing with Champion Mortgage®.Whether you want to reduce monthly loan payments or build equity in your home faster, mortgage refinancing could offer some important financial advantages.Lower your monthly loan payments by refinancing. Take out cash at closing. Build up equity and pay off your debt faster with a shorter-term mortgage. Switch from an adjustable rate mortgage to a fixed rate for long-term peace of mind. Select an adjustable rate mortgage with a cap for additional security. Consolidate debt and get control over your future. Private Mortgage Insurance (PMI.) Lower your monthly loan payments by refinancing. The decision to refinance your mortgage depends on more than just an interest rate. A lower mortgage interest rate may result in lower loan payments. But extending the term of your mortgage may also be a good way to save money and reduce monthly bills. Even with a small difference in rates, mortgage refinancing could save you a substantial amount of money each month to put toward reducing your debt, home improvements or college tuition. Take out cash at closing. By refinancing more than the amount owed on your home loan, you may be able to receive additional cash at closing. For example, if your home is worth $150,000, and you owe $80,000 on your mortgage, you could refinance $100,000 and take out $20,000 in cash. You still have just one mortgage payment, and the financial flexibility to use the extra money to help pay for other expenses. Build up equity and pay off your debt faster with a shorter-term mortgage. Refinancing with a mortgage of a shorter term may enable you to significantly lower your total interest costs, because you are paying off the loan sooner. Your monthly mortgage payments may not increase at all, depending on your initial rate.By reducing your term, you might be able to build up equity faster. Switch from an adjustable rate mortgage to a fixed rate for long-term peace of mind. For some people, adjustable-rate mortgages could cause worry and concern over which direction the market will go. As an alternative, a fixed-rate mortgage may provide you with peace of mind and steady monthly loan payments. It's also beneficial if the interest rate is low -- you could lock into a great interest rate and save even more money. For example, if you plan to remain in your house for the long term and rates are favorable, refinancing with a long-term, fixed-rate mortgage may save you a significant amount of money over the life of your mortgage. Select an adjustable rate mortgage with a cap for additional security. If your current adjustable loan doesn't provide you with a cap feature, you may want to investigate the possibility of switching to one that does. This option allows you to set a limit on the amount your interest rate or monthly mortgage payment could increase. Such a loan gives you confidence, knowing that you won't have any unpleasant surprises down the road. Consolidate debt and get control over your future. Paying a variety of different credit cards and bills each month could be expensive and confusing. By including these debts in the amount refinanced with your mortgage, you could make just one loan payment each month. Even if your credit is less than perfect, you may be able to save significantly on interest charges and late fees while enjoying some well-deserved peace of mind. Not only will you be more organized, you may benefit from tax savings, too. (Please consult your tax advisor.) Private Mortgage Insurance (PMI.) In most cases, if you put less than 20% down when you purchased your home, you're most likely paying for private mortgage insurance each month. Once you have accumulated more than 20% in equity, you may be able to eliminate the private mortgage insurance payments (check with your mortgage company first). It may make sense to round up your monthly mortgage amount (e.g., if your payment is $1,095, pay $1,100) to add additional funds to your principal. This may decrease the amount of time it takes for you to reach 20% of your loan amount, enabling you to eliminate your private mortgage insurance sooner. Find out how home mortgage refinancing from Champion could help your home work harder for you. At Champion, our loan specialists are trained to listen to your needs and carefully assess your financial situation. Only then will we recommend a customized solution that makes sense for you. Ready to get started? Call 1-800-CHAMPION or click here for a free, no obligation consultation with one of our Loan Specialists. |
|
|
|||
|
|
|
|
|
|
||||
|
||||
 |
|
|
||
