Top Reasons to Refinance a Mortgage in Gilbert, AZ

September 27, 2023

Top Reasons to Refinance a Mortgage in Gilbert, AZ

If there is a significant movement in the real estate market, particularly in interest rates, be on the watch because it may be an opportunity to refinance a mortgage in Gilbert, AZ. It can be advantageous in several ways relative to your financial goals and circumstances.

Here are different ways refinancing can be advantageous:

You want to lower your monthly payments. When you refinance a mortgage in Gilbert, AZ, at a lower interest rate, it can result in reduced monthly mortgage payments, freeing up money for other expenses or savings.

Interest savings. Even a quarter-point reduction from your previous term can save you a significant amount over the life of your loan in interest costs.

To shorten the loan term. Refinancing can also allow you to pay off your mortgage faster and build equity more quickly. (e.g., From a 30-year to a 15-year mortgage)

To consolidate debts. If you have multiple debts from different entities – credit card debt, auto loan, student loans – you can effectively manage these obligations by debt consolidation. With cash-out refinance to consolidate your debts, you may significantly reduce your overall interest costs and put your finances in order.

To eliminate Private Mortgage Insurance. You might have put a small down payment on your first home purchase. And because of that, you might have been paying private mortgage insurance. Refinancing, when you have more equity in your home, can help you eliminate this additional monthly cost.

To access the home equity. There is what we call cash-out refinance, where you can access the equity in your home. You can use the amount you get to finance various projects, such as home improvements, education expenses, or investment opportunities.

Are you looking for a reputable company to help you refinance a mortgage in Gilbert, AZ? Look no further than Homeplus Mortgage.

Call us today at 800-810-PLUS (7587) for inquiries.