Sometimes in life we make a bad deal for a variety of reasons. It can happen when buying real estate too. Home buyers end up in a high-interest mortgage that drains their finances and enthusiasm for being a homeowner. There is no reason to stay in a high-interest mortgage when you can simply refinance. Everyone wants to save money, and refinancing your home mortgage is a great way to do that long term. Zion Mortgage offers mortgage refinancing services in Texas. If you are in the market for lower interest rates and a better deal, contact us soon. If you’re not sure if refinancing is right for you, here are three reasons why you should consider it.
Get a Lower Interest Rate
One of the best reasons to refinance your mortgage is to secure a lower interest rate. The interest rate is how much you will pay back the lender. Even lowering a rate by half a percentage point could mean saving thousands of dollars over the life of the loan. Keep an eye on interest rates, and when they get lower than what you are paying, contact us so we can get you that lower rate.
Shorten the Term of the Mortgage
When interest rates fall, homeowners can refinance an existing loan for another one that doesn’t change the monthly payment but significantly shortens the term. That means they are still paying $1,000 a month on their mortgage, but the loan is now for 15 years instead of 20. That translates into big savings over the life of the loan.
Switch the Type of Mortgage
Homeowners who want to get out of an ARM and into a fixed-rate mortgage refinance, and vice versa. Getting out of an ARM when the rates start to rise is the most common reason for switching. Whatever your reasons, contact Zion Mortgage. We offer mortgage refinancing services in Texas. We are experienced and ready to help.