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Find Out Right Now: 8 Questions to Ask About Refinancing

ocmblogger • Sep 28, 2017

Obviously, most of us are concerned about money: making it, keeping it and most of all, not wasting it. Many expenditures cannot be avoided. From needed car repairs, to unforeseen dental work or your water heater suddenly burns out. Life is filled with little surprises. Before long you have staggering debt or many payments to high-interest creditors Have  you considered maximizing your house payment?

A refinance is basically trading your current mortgage for a newer one, with more ideal terms. The first loan gets paid off by the new one. You’d be correct in saying that a refinance doesn’t make sense for everyone and that’s certainly true. All it costs you is a little time and peek at your credit, no harm no foul. What does it take to qualify for a refi?

If  you answer yes to one or more of these questions:

  • Would you like to lower your interest rate & monthly payment?
  • Would you like to reduce your term?
  • Would you like to consolidate high interest credit cards or consumer loans?
  • Would you like to consolidate first and second mortgages?
  • Would you like to refinance your adjustable rate to a low fixed rate?

Consider creating another type of loan<a style=Raquel Martínez" width="357" height="532" srcset="https://irp-cdn.multiscreensite.com/d62ebb99/raquel-martinez-96648_790300155.jpg?w=687&h=1024 687w" sizes="(max-width: 357px) 100vw, 357px" id="1463962977" onerror="handleImageLoadError(this)"/>

By looking at this loan as a do-over, you can make it into a different kind of loan. If you want to get out of an adjustable rate mortgage (ARM) which can gradually increase interest rates in coming years you can lock into a low rate for the next 15 or 30. If you want to shorten the life of the loan, you may opt for lower interest and slightly higher payments over 15 years to pay it off sooner. If you need more money now and don’t mind  extending the life of the loan, you may choose a 20 or 30 year loan and pay off credit card debt or other high interest loans.

Whatever you do, it could be worth the time and effort to find out where you stand. If you aren’t in a position to benefit, you can also find out what changes would need to present themselves in order for you to give it another look at a future time. Knowing the status of your home loan and how you can take advantage of your increasing equity should a need arise are worth find out.

Have more questions? Call our office at (614) 891-9000 and ask us how you can save money on your home loan through refinance. We offer a free, no obligation mortgage analysis to help you determine if this is a good move for you. Our secure application is available at OhioCapitalMortgage.com

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