Refinancing a home loan to lower payments is a popular choice for many homeowners. Many homeowners find themselves with a mortgage that no longer meets the needs of their financial situation. Present circumstances may qualify them for a lower rate. Refinancing a home loan might be just the solution that can assist to lower mortgage payments.
Will you save money in the long run if you refinance a home loan to lower payments?
Use our helpful calculator to estimate the potential long term savings, do a breakeven analysis and more…
Before you refinance a home loan to lower payments you may want to…
1. Review your entire financial picture
2. Evaluate your short and long-term goals
If you’re looking to refinance your home loan and lower your payments, there may be a number of different loans that can help you accomplish your goal. The right loan usually depends on your current situation and your short and long-term goals.
Review your entire financial picture
Do you want to only lower your monthly mortgage payments or do you want to lower all of your bill payments? Do you need to finance home repairs or college education in the near future? Some homeowners choose to refinance a home loan to solely lower the mortgage payments. Others choose to refinance a home loan to consolidate debt and get cash for needed expenses.
If you need help choosing a loan, call Countrywide’s Full Spectrum Lending at 1-800-909-8217 for a FREE, no obligation consultation.
Evaluate your short and long-term goals
Your circumstances may have changed and your short term goal may be to lower your payments while your long term vision involves a change of scenery. Perhaps when you bought your home, you anticipated keeping it for the long haul. Back then, a 30 year fixed rate loan probably made good financial sense. But now, if you’ve decided you want to retire in 3-5 years and the house on the lake you always dreamed of sounds better and better, that 30 year fixed rate loan may not necessarily be the best financial solution. If you want to minimize your monthly payments until you retire, you may be able to do so by refinancing from a fixed rate mortgage to a fixed period adjustable rate mortgage.
Find out which loan can help you meet your short and long-term goals. Countrywide can help you choose a loan that’s right for you. Call 1-800-909-8217, for a FREE, no obligation loan consultation.
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