Mortgage Refinance

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7 Ways to Save Money by Refinancing!

Refinancing your home loans can be an excellent way to manage your debt load, reduce stress and save yourself a lot of money. There are several ways that a new refinanced loan can help you with your monthly budget and your long term goals. You owe it to yourself to consider this financial tool to alleviate some of your personal financial stresses.

1. Budget Management

Meeting monthly expenses can often leave us with very little for savings, let alone for the extras in life. Refinancing your home loan will usually mean a reduction in your monthly payment amount and that can make all the difference to your over-stretched budget.

The extra money left in your account each month when you refinance is a fantastic way to take the stress out of meeting your other monthly financial obligations. Having a little breathing room in your finances can be an amazing gift to yourself.

2. Lower Interest Rates

Many people plug away paying their mortgage off and forget that interest rates may have changed since their original loan. If you take a look at your current loan, you may be surprised to find that a refinanced loan could mean major savings in interest. Even if rates are now a mere .5% lower, your savings could really add up.

Less interest over several years can save you thousands of dollars that you could spend on something more exciting than your mortgage.

3. Reduce High Interest on Credit Debt

Credit card interest rates are the highest cost financing there is. Some cards charge you 18 – 24% interest on balances you are carrying. Refinancing your mortgage can actually help you save money on credit card debt. One way is to consolidate your credit card debts with your home loan in a refinanced loan. Your refinance loan will have a far lower interest rate than those credit cards.

The other way to save on credit card interest is to simply refinance your home loan so that your monthly payments will go down; enabling you to make larger payments on those credit cards. The sooner credit cards are paid off, the better.

4. Rebuild Credit Rating

Refinancing your mortgage can be an excellent way to help you repair a bad credit rating. Many people go through life events that have damaging financial consequences. Building credit ratings back up can be a long term task that requires some major commitment. That commitment can be much easier to do with a refinanced home loan.

Refinancing can mean smaller monthly payments that are easier to make in full and on time every month. After just one year, your credit rating is on the rise.

5. Start Saving Money

Most Americans simply do not have savings accounts. While almost every financial expert agrees that we should have up to six months expenses saved for emergencies, most people find it just too difficult to do. Refinancing your home loan can be a way to find the extra monthly funds for that emergency savings plan.

Even a small amount of money each month that is allocated to savings can make a huge difference in your long term financial picture. Once you have that emergency fund in place, you may well find a peace of mind you never thought possible as well.


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6. Build Equity Faster

Some people refinance their home loans in order to get them paid off sooner. If all your other financial issues are in good order, you may well want to focus more resources on getting your equity built up in your home. A refinanced loan can often provide lower interest rates and if you combine that with higher monthly payments, your equity will begin to build incredibly fast.

A refinanced home loan can often provide early payout options that your current loan penalizes you for. So, if getting rid of your home loan is on your agenda, refinancing may be an excellent option.

7. Reduce Costs Associated with Mortgage

Often, you are required to carry costly insurance when you get into a mortgage. Most lenders require this mortgage insurance. However, if you have some equity in your home already, a refinanced loan may not call for you to carry this type of policy. Generally if your equity is 20% or more, you may choose to forego the cost of mortgage insurance. This option is best for those who are comfortable with a higher risk factor and may not be an option for you, so be sure to weigh the costs when making this decision.

You should consider refinancing your home loan if any of these circumstances ring true for you. Refinancing can provide opportunities for saving money, building equity, repairing credit and de-stressing your life

Think about your options. Get some quotes on refinancing your loans and compare them. Shopping for the loan that will suit you and your financial goals just requires a little time and research. You are worth that small investment and you may find some financial freedom is much closer than you imagined.

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