Is it Time to refinance?
According to ATTOM Data Solutions, 48.5% of mortgaged residential properties in the U.S. were considered equity-rich with 50% in available equity at the end of Q3 2022.
Pent up equity positions, even in these market conditions, can lead to significant cashflow improvements (debt consolidation), and/or funds available for significant household purchases (home improvements, boats, RV’s, etc).
What does refinancing do?
Refinancing could mean big savings depending on your financial situation. Refinancing a mortgage means paying off your existing home loan and replacing it with a new one. A cash-out refinance could give you access to equity in your home to pay off debt, remodel, or go on a dream vacation.
Typical benefits of a refinance include:
- Lower interest rate and lower monthly payment
- Possibly lower your monthly mortgage payment by decreasing or eliminating mortgage insurance
- Consolidate debt
- Use your home’s equity to generate additional cash
- Changing the loan terms for savings or to build equity faster
- Improve your credit and your monthly cash flow
- Take a mortgage payment holiday giving you time between your last payment and next!
How do I refinance?
No matter what your home financing needs are, you can depend on the team at GMFS Mortgage to assist you every step of the way! We make the mortgage process easy with friendly local service and online tools! See for yourself why so many of our customers and partners refer GMFS Mortgage to their family, friends and clients.
Refinancing with GMFS Mortgage while rates are still low could mean big savings for you. Contact us today to see if refinancing is right for you!
Note: By refinancing your existing loan, your total finance charges may be higher over the life of the loan. Always consult with a tax advisor concerning tax implications of your mortgage.