Thursday, March 17, 2011
Benefits of Refinancing a Home Loan
Benefits of Refinancing a Home Loan
Like most homeowners, you’ve probably heard compelling reasons for refinancing your home loan:
Keep your payments stable with a fixed-rate loan
Lower your interest rate
Get cash out from your home’s equity
Consolidate debt
But how do you know if it’s the right time for you to refinance?
LendingTree has a mortgage refinance calculator, the Mortgage CheckUp, to help you compare your mortgage home loan to current loan options and interest rates, and decide if refinancing is the smart move.
Once you’re ready to refinance, we can connect you with lenders providing a wide range of home loans including cash-out refinancing. Our lenders compete for your loan by offering mortgage loans with competitive refinance rates that can save you money.
When comparing your home mortgage refinance options, you can choose between fixed rate loans and variable rate loans, both for 15 or 30 year terms. You can also compare refinance interest rates, points and other loan options to find the best mortgage for your financial needs.
There are many good reasons to refinance. With today's low interest rates, you may be able to save on your monthly payments. Mortgage refinancing can also give you cash back to use for home improvement or other purposes, or to consolidate debt or eliminate credit card debt. If you already have two loans or a second mortgage, refinancing both loans can simply your finances and save you money at the same time. You can also choose to change your payment terms, such as converting to a fixed rate loan to lock in low interest rates, or change to a shorter mortgage term to pay off your home more quickly.
When you are ready to refinance, LendingTree can help you enjoy all the benefits of a home refinance loan custom-fitted to your needs.
