Refinancing Options

Now is an excellent time to refinance and the specialists at Constitution Mortgage can help you to choose the right loan to meet your goals and requirements. The most common reason for a mortgage refinance are:

• Lower your interest rate to save money & lower your monthly payment

A house is the largest asset most people will ever own in their lifetime. One way to use your largest asset to your greatest benefit is to refinance your mortgage. By refinancing your mortgage with Constitution Mortgage, you can use the equity in your home to reduce your monthly mortgage payment, thus saving you money. You also have the benefit of when refinancing to do so when interest rates are lower than when you first purchased your house, also saving you money on your monthly payment.    

• Change the term – number of years for repayment – go from 30yrs to 20 or 15 to pay off faster or go from a shorter term to a longer term for a lower monthly payment

Another benefit you will gain when refinancing your mortgage is to shorten the term of your mortgage. Say for instance when you first purchased your home, you had a 30 year mortgage and have been slowly paying it off for years. If you decide to refinance your mortgage, you will have the luxury to switch to a 20 or 15 year mortgage to pay off your loan faster. On the other hand, you may also choose to switch to a longer term if you previously had a shorter term mortgage to decrease the amount you pay each month.

• Get cash out of your home for college, home renovation, etc.

Mortgage refinancing can save you even more money by utilizing the equity you have built on your house and doing a "cash-out" refinancing. By "cash-out" refinancing, you take out a new mortgage for an amount that is greater than your current principle balance, leaving you with additional money left over. This extra money  Many people choose to use the spare change for home renovations, a new car, or even paying for a child's college tuition. This is an especially smart choice if home values have increased in your surrounding area.

Give us a call today to discuss your needs.