Refinancing Your Home

When handled correctly, changing the way that your home or investment property is financed can be a wonderful tool for leveraging your assets and promoting financial growth. Factors like cash flow needs, personal risk tolerances, substantial life changes and overall financial portfolio all come into play when reconsidering the type of loan that you have on your home. The right choice at the right time can make all the difference!

On the other hand, if you didn’t get the right loan the first time, refinancing can be a good choice to relieve monthly payment burdens, helping to lay the groundwork for prosperity in the future.

Regardless of the reason, choosing to refinance is a big decision! So let us give you the tools and guidance you need to make the best, informed choice. Our Loan Consultants can help you estimate closing costs, weigh the costs and benefits of many programs, and even assist you in charting “breakeven points” so that you know how changing your loan can help you both now and in the future.

Some of the most popular benefits of refinancing:

  • Lower your monthly mortgage payment
  • Reduce the term of the mortgage
  • Switch from an Adjustable Rate Mortgage (ARM) to a lower fixed rate loan
  • “Cash Out” – home improvement and debt consolidation
  • Eliminate Mortgage Insurance (MI)

When to consider refinancing:

  • Financial situation has changed: If your financial situation has changed significantly, you may be able to match the terms of your mortgage financing more closely with your new financial situation
  • Rates have dropped significantly: If rates have dropped significantly since your last mortgage, you may be able to lower costs, and/or increase your financial flexibility
  • Rates have/are threatening to increase: If rates have increased, or you are worried they might and you have an adjustable rate mortgage, you may consider refinancing to lock-in a rate
  • Risk profile has changed: If your tolerance for risk has changed, you may be able to increase your flexibility, or lower your risk

Here are two examples:

  • Interest rates are at historic lows!  You may be able to reduce your monthly payments significantly by refinancing.
  • Property values have decreased in your neighborhood and you think you may be “underwater” (owe more on your mortgage than the value of your home).  If this is the case you may still qualify for the Home Affordable Refinance that was revamped in 2011 and now known has HARP 2.0.  To learn more about HARP click here.

Refinancing is an important personal financial management decision. We encourage you to talk with a Landmark Professional Mortgage Loan Originator to help you best determine what’s right for you.  To find out if your eligible or apply today call one of our mortgage loan originators at 503.581.8100 (or one of our other locations) or send us a quick email.  If you’re looking for a rate quote you can fill out the form on the right.

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