3 Reasons to Consider Refinancing Your Mortgage in 2022 in Phoenix The interest rate, monthly payments, and term length of your mortgage may change when you refinance. The funds you receive will pay off your current mortgage once it closes and you’ll start making payments on the new loan. There are 3 reasons you should consider refinancing in 2022: Change your interest rate or the terms of the loan – if you’re having difficulties making your monthly mortgage payments or the current interest rate is lower than what you’re paying, consider a “Rate-and-Term” refinance. Your principal balance will remain the same but your monthly payments will drop due to the lower rate. Do a “cash-out” refinance – this is basically refinancing by borrowing against your home’s equity. Although this will cause the principal to increase, you’ll take the remainder out in cash that can be used for just about anything from eliminating credit card debt to making repairs. Switch the type of financing – you can switch from one type of loan to a different one. For example, if your ARM (adjustable rate mortgage) is approaching the adjustment stage, and the interest rate is lower than what you’re currently paying, you can switch to a fixed-rate mortgage to save money so your monthly payment is more consistent. https://www.google.com/maps?cid=6744959272592205627 Learn morefrom https://local.google.com/place?id=6744959272592205627&use=posts&lpsid=1024087047341451150
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About UsDesert Springs Mortgage, LLC is a mortgage lending company in Phoenix that is dedicated to making the mortgage borrowing process easier for anyone looking for ways to finance the purchase of a new home. We have a team of experienced loan originators and processors that will guide you through the whole application process from start to finish. They will also give you advice on what loan products best suits your situation and ambitions. Aside from that, we also help with loan refinancing where we can adjust the terms of your loan to suit current market conditions. For more information, give us a call today on (623) 432-1309. ArchivesNo Archives Categories |