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Hitting the Trifecta
How to know if refinancing is right for you.
If you’re wondering to yourself, “Should I refinance my home?”, you’re asking the right question. Still, it can be hard to know when to take the plunge.
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Refinancing is the process of paying off a mortgage loan with new financing, ideally at a lower rate or with some other, more favorable, set of terms. It can be a great way to take advantage of the equity you have built into your home.
If you are thinking about refinancing, begin by narrowing down what your financial goals are and what you want to achieve with the process.
At LDM Lenders, we strive to have our clients reach 3 goals when refinancing
1. Lowering Their Monthly Payment
Let us help you do the math. When interest rates are favorable, a homeowner can usually refinance and easily save on their monthly payment. LDM can help you figure out how much it would cost to refinance, how to maximize your monthly savings, and how to do so quickly and efficiently.
2. Achieving Long Term Savings
Sometimes homeowners need to refinance to free up funds for a special project or life event. No matter the reason, at LDM we try to address the immediate need while keeping an eye on the borrower's long-term financial health. We will not ignore your future, nor will we ignore the years you have already paid. Our goal is to put you in the smartest loan product for your specific scenario.
3. Getting a Lower Rate on Their Loan
Traditional guidance suggests refinancing is worth it if you can lower your interest rate by a full percentage point. In some scenarios a 0.5% to 0.75% decrease can also provide significant savings.
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Every scenario is different, so give LDM Mortgage Lenders a call today, and see if you can hit the trifecta with your refinance.