If you have a loan that’s too expensive or too risky to live with, you can often refinance into a better loan. Things may have changed since you borrowed money, and there may be several ways to improve the terms of your loan. Whether you’ve got a home loan, auto loans, or other debt, refinancing allows you to shift the debt to a better place.
- Save money: A common reason for refinancing is to save money on interest costs. To do so, you typically need to refinance into a loan with an interest rate that is lower than your existing interest rate.
- Lower payments: Refinancing can lead to lower required monthly payments. The result is easier cash flow management and more money available in the budget for other monthly expenses.
- Cash Out: For remodeling, upgrading, funding a savings or retirement account, sending a child to college, purchasing a second home or investment, consolidating debt.
- The list is endless. Schedule a consultation to see if refinancing is right for you!