4 Signs It's Time To Look Into Refinancing

4 Signs It's Time To Look Into Refinancing

When you bought your current home, you likely did everything you could to secure the proper loan, get the best interest rate you could, and provide the biggest down payment possible. At Point Mortgage in Miami, we understand that circumstances change and you may want to refinance your home for various reasons. If you do, we hope this post will help you with that process. If you have any questions, please contact us today!


You Need to Change Your Loan Term

For many homeowners, the standard loan option is a 30-year fixed-rate mortgage. This type of mortgage is stable and predictable, and a majority of home buyers look at it when shopping for a new house. However, you may want or need to change your loan term from 30 years to 15 years (or vice versa), and refinancing can help you do that.


You Plan to Stay in the Home

When you purchased your house, you may not have been sure how long you planned to live there. Perhaps you figured you would live there for 10 years and then sell the property in order to buy another house. If those plans have changed, and you’ve decided to stay in the home for a longer period of time, refinancing can help you lower your monthly mortgage payments.


You Want to Secure a Lower Interest Rate

Interest rates change all the time based on a number of factors, and when you bought your home, you hopefully received a reasonable rate on your loan. However, as the rates change, you might be thinking of refinancing in order to secure a lower interest rate, therefore saving yourself money every month. Our team can help you decide when it’s the right time to refinance your home.


You’re Ready for a Renovation

You may have lived in your home for several years, making small updates and changes here and there. You’ve saved a bit for a major renovation, but you need a bit more capital to make the upgrades you want. With refinancing, you can lower your monthly payment and have money for your remodeling project, or you can look into a home equity line of credit to help pay for the updates!


If you’d like to learn more about your refinancing options, please reach out to us today. The Point Mortgage team is proud to serve Miami-Dade and the Palm Beach Tri-County area, and we’d love to speak with you!