What Are The Benefits Of Refinancing Your Home

The benefits of refinancing your home loan are not just limited to saving you hundreds in monthly mortgage repayments. By making the right choices and working with a mortgage broker, you can take a giant leap towards achieving your long-term financial goals.

If you are considering a new home mortgage or refinancing your home in Pennsylvania or New Jersey, contact Federated Lending in Bucks County, PA and talk to one of our experienced loan officers for help. Interest rates are still low and you could benefit from refinancing today.

If you are considering refinancing and rates are at least 0.5 percent lower than what you are currently paying, it’s a good idea to look at your refinancing options. If you refinance at a lower interest rate, you can save significant money over the life of your home loan.

Benefits of Purchasing/Refinancing There’s great personal satisfaction in having a home you can call your own and pass on to future generations. We’re committed to helping you enjoy every benefit of home ownership.

Refinance Underwater Mortgage Without Harp Boxer-Menendez Refinance Bill and HARP 2.0 – There is no doubt that the HARP 2 program has been successful in helping many underwater borrowers refinance at historically low rates. today’s historically low interest rates and get a HARP.

Are you trying to decide whether refinancing your home is the right option for you? Explore these 5 reasons to refinance a home loan and learn the pros and cons of refinancing a home with this infographic from Better Money Habits.

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When the benefits of refinancing are unclear, don’t do it. or tap a cash-out mortgage refinance to manage student loan debt. These types of loans use your home as collateral, and if you default,

Low Credit Score Lenders Low credit score home loans and the Mortgage Lenders that. – For a conventional mortgage, many lenders still want to see a credit score of 680 or higher and low debt to income ratios. For FHA loans, brokers and lenders will possibly lend to you with a credit score in the high 500’s or low 600’s.

With a cash-out refinance, you can borrow against your home equity to obtain funds for any purpose. You receive a check at closing, the amount of which is added onto the mortgage principle you owe. Since mortgage rates tend to be lower than other types of debt and tax-deductible as well, it can be a very cost-efficient way to borrow.

So if you have 20 years left on your home loan and your refinance using a 30-year loan, you’ve just added 10 years to the life of your debt. However, one of the benefits of refinancing is that you have the option to choose to do so with a shorter term, allowing you to get rid of debt faster.