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Planning on refinancing your home?

Has your financial situation changed since you bought your home? Do you want to make your home's equity work for you? Sometimes we can't see as far down the road as we would like to, and the home loan that was perfect ten years ago doesn't suit your needs anymore. Our staff can help you refinance your home to help meet your changing needs and goals. Your home can be your key to financial freedom if you make it work for you. Take a look at some of the ways refinancing your home can help you:

Lower Your Monthly Mortgage Payment

Maybe your budget could use a little wiggle room. Or perhaps you need to save money for a major life event like having a new baby, your impending retirement, funding your kid's education, or taking advantage of an exciting new investment opportunity. Securing a lower interest rate and saving money on your monthly payment can help you do just that. If you refinance to take advantage of a lower rate and you might be able to pay off your loan faster by making the same monthly payment you were making previously. Looking for even greater flexibility with your monthly payment? Consider refinancing into a loan with a longer term; moving from a 15-year fixed-rate mortgage into a 30-year fixed-rate mortgage can lower your monthly payment and make your loan more manageable. By lengthening your loan term and finding a lower rate, you can drop your monthly payment considerably. Some families need payment flexibility for a few months out of the year – perhaps if your work is seasonal or commission-based – and others need the change indefinitely. Either way, we will work with you to refinance your loan and implement a strategy that makes sense for you.

Pay off Your Home Loan Faster

If your mortgage feels more like a burden than a financial tool that you can use to achieve other life goals, you may want to refinance into a loan with a shorter term. This allows you to pay off your home faster, giving you greater peace of mind. With interest rates at historic lows, you may be able to refinance into a shorter-term loan and still keep a similar monthly payment to your current longer-term loan. At PMF, we will help you find the lowest possible interest rate and make sure that your home loan works for you.

Pay Down Debt

Did you know that you can use your home's equity to help pay off expensive, high interest debt? Unlike most major credit cards, mortgages typically carry lower interest rates and your interest is tax-deductible. Using the equity in your home to consolidate your high-interest debt into a low-interest mortgage will give you increased payment flexibility and can save you a lot of money in the long run. Our home loan experts can work with you to help you decide if this is a strategy that is right for you. Using your home to manage your long term debt can help put your family on better financial ground. Make your home an asset that works for you and call PMF today!

Take Cash Out

Homeowners can tap into their home's equity and take cash out for a number of reasons. From building a rainy day fund to paying for college, to financing home improvements, your home can be a powerful source of cash to help you accomplish your goals. Using your home's equity to finance home improvements can increase your home's value; it can even help you pay off your loan faster. By managing your mortgage around life's major changes and market movements, you’re in a better position to achieve yout financial goals. Call Paramount Mortgage today and we'll talk to you about how to use your home to its fullest potential to help you achieve financial independence.

*Guest Blogger, “Four Reasons to Refinance Your Home Loan.” Weblog entry. http://www.quizzle.com/blog/2010/02/4-reasons-to-refinance-your-home-loan/