Leave a Message

Thank you for your message. We will be in touch with you shortly.

Consider This: When to Refinance

February 14, 2021

Real Estate

Consider This: When to Refinance

CONSIDER THIS: WHEN TO REFINANCE

Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.

  • Scoring a lower interest rate. The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.
  • Using an improved credit score. Even if interest rates have not dropped in the market, if you’ve improved your credit score over the last few years, you may be able to reduce your mortgage rate.
  • Shortening the loan’s term. If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.
  • Switching from an adjustable-rate to a fixed rate. If you chose an adjustable-rate mortgage with great introductory rates when you initially financed your home, that rate may increase significantly over the years. By switching to a fixed rate while interest rates are low, you can protect yourself from future increases.
  • Cashing out home equity. If there is a big purchase or payment on the horizon, such as funding a wedding or going back to school, your best option may be to use the equity you’ve built in your home to borrow money at a lower cost.

For More Refinancing Tips, click here

Explore Our Other Blogs

Stay Updated On Our Most Recent Blog Posts

The Honest Truth: Pros and Cons of Living in Evergreen, San Jose

Real Estate

The Honest Truth: Pros and Cons of Living in Evergreen, San Jose

Thao Dang Pham  |  May 8, 2025

The Honest Truth: Pros and Cons of Living in Evergreen, San Jose
Commuting Made Easy? Your Guide to Getting Around from Evergreen, San Jose

Real Estate

Commuting Made Easy? Your Guide to Getting Around from Evergreen, San Jose

Brian Ng  |  May 7, 2025

Commuting Made Easy? Your Guide to Getting Around from Evergreen, San Jose
Top Parks, Shopping, and Dining Spots in Evergreen, San Jose

Real Estate

Top Parks, Shopping, and Dining Spots in Evergreen, San Jose

Thao Dang Pham  |  May 6, 2025

Top Parks, Shopping, and Dining Spots in Evergreen, San Jose
Explore Evergreen Real Estate: Types of Homes in This San Jose Neighborhood

Real Estate

Explore Evergreen Real Estate: Types of Homes in This San Jose Neighborhood

Brian Ng  |  May 5, 2025

Explore Evergreen Real Estate: Types of Homes in This San Jose Neighborhood
Evergreen San Jose Schools: A Parent's Guide to Local Education Options

Real Estate

Evergreen San Jose Schools: A Parent's Guide to Local Education Options

Thao Dang Pham  |  May 2, 2025

Evergreen San Jose Schools: A Parent's Guide to Local Education Options
Living in Evergreen, San Jose: Your Guide to the Neighborhood Lifestyle

Real Estate

Living in Evergreen, San Jose: Your Guide to the Neighborhood Lifestyle

Brian Ng  |  May 2, 2025

Living in Evergreen, San Jose: Your Guide to the Neighborhood Lifestyle

Let's Talk

You’ve got questions and we can’t wait to answer them.

FOLLOW US ON INSTAGRAM