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Looking to save some cash in the New Year? Refinancing your mortgage loan might be able to help.
Refinancing can mean:
- Lower interest rates. If your credit has improved or market rates are lower than your current rates, you can reduce the interest you pay monthly and over time.
- Lower monthly payments. Choose a longer loan term or qualify for a lower rate, and your monthly payments will fall in step.
- Access to cash. Tap your home equity with a cash-out refinance. Use it for bills, tuition, or holiday expenses.
If your current loan comes with a mortgage insurance premium, refinancing may also help you remove this added cost.
