Refinancing your Current Mortgage
There are a number of reasons you might choose to refinance your existing mortgage by switching to Alaska USA Mortgage Company, including:
Lowering your payment – Home loan interest rates fluctuate over time, sometimes dropping low enough to make refinancing worthwhile. If rates have dropped by a point or more refinancing can lower you monthly payment, sometime by a few hundred dollars each month.
Shortening the length of your loan – If interest rates have gone down, while the value of your home has increased, you may be able to refinance to a shorter loan term. For instance, shortening it from 30 years to 15, and at a lower interest rate.
Change the type of loan you have – If you have an adjustable rate or balloon mortgage, but want something that has more predictable payments, you may want to refinance to a fixed rate mortgage.
Borrow cash from your home equity – By tapping into the equity you’ve already built up in your home, you can refinance to cash some of that equity out to pay for high-expense items, like college tuition, home renovations, or even debt consolidation.