A low refinance mortgage loan can provide you with the security you need. If you brought your home or business when interest rates were unreasonably high, your monthly payments are high as well. Millions of people are going for a “Do over.” A do over allows you to trade in your high interest mortgage for a lower interest mortgage, without affecting your credit.
So what are the benefits of considering a refinance mortgage?
- Lower your monthly payments
- Opt for shorter loan terms
- Switch to a fixed mortgage
- Build up equity
Banks and most lending institutions offer property owners competitive rates. Interest rates fluctuate according to the market. Some months the rates are extremely high, and at other times they are low or extremely moderate. Since the beginning of the HARP or Home Affordable Refinance Program, more than 3 million property owners have refinanced their homes.
While banks are great to work with, credit unions are even better. Interest rates for a refinance mortgage are comparable and competitive with VA and FHA refinancing rates.