Rates are Rising. Is it Time to Refinance?

You’ve probably heard it on the news or through Social Media, “Interest Rates are Rising.” While it’s no reason to panic, rising interest rates do have an impact on homeowners and potential homeowners. Throughout the last year, the Mortgage Finance industry has seen a huge increase in refinances and cash-out refinances due to historically low-interest rates. But for those who are interested in refinancing their mortgage to lower their monthly payment or gain access to cash, it may not be too late. Below are a few of the key reasons to refinance your current mortgage.

Lower Your Monthly Payment or Shorten Your Term

With a traditional refinance, you may be able to lower your monthly payment, eliminate Private Mortgage Insurance (PMI) or shorten the term of your mortgage. A Colonial Loan Officer will review the terms of your current mortgage and see if refinancing makes sense for you.

Get Access to Cash

With a cash-out refinance, you can use the equity you have in your home to pay-off high-interest credit cards, consolidate debt, pay for college tuition or use for other large purchases. The best thing is, the money is yours to use as you wish.

Home Renovations

One of the most common things homeowners do when taking advantage of a cash-out refinance is make home renovations or improvements. This is a popular choice because the updates or repairs may immediately increase the value of your home.

Contact Us Today to Learn More

If you are looking to pay off debt, make home improvements, pay for college expenses or are just curious if you can gain access in your home’s equity, contact us today to fill out an application. We will be able to determine if you are eligible for a cash-out refinance and may also be able to save you money on your monthly payment, reduce your term or get rid of monthly private mortgage insurance when you refinance your loan with Colonial. Visit GoColonial.com today to learn more.

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