considerations for why you should refinance your mortgage
lower your rate / lower your payment/ modify your term / remove pmi
Any combination of these can provide some relief to your monthly budget and / or help you speed up the payoff of your mortgage.
pull cash out
Use the funds for a home improvement project or to pay off or restructure debt (psst… a cash-out refinance does require a 0.5% APR1 rate increase).
change the type of rate on your mortgage
Switch from a fixed rate to a variable rate or vice versa.
it’s legally necessary
So you’re able to remove a borrower or co-borrower due to unforeseen circumstances.
... But Maybe Not
considerations for why you should not refinance your mortgage
cost outweighs savings
This one’s pretty self-explanatory…
a short-term home
Not planning to stick around for very long? Then skip the mortgage refinance.
cash out leads to a higher mortgage rate
Make sure the plans you have for the cash you’re pulling out is in your financial best interest (especially if your monthly mortgage payment and overall mortgage loan cost will increase).
Good Rule of Thumb...
If you can recoup your mortgage refinancing costs in 2 years or less, it’s generally a good idea to move forward with your refinance.
ok, so here’s the fine print:
1Annual Percentage Rate (APR)
Home Mortgage Disclosure Act Notice: The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about the loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s website. HMDA data for many other financial institutions are also available on the CFPB's website.
We’ve streamlined the mortgage refinancing process for your Skyla mortgage (and have a few custom options just for you!). Simply submit this form and we’ll be in touch on or before the next business day.
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