What Would You Like To Get Out Of Refinancing Your Home?
Refinance Your Home To Consolidate Debt.
The average American has over $95,000 of debt. If you have high-interest debt, the pressure to meet the monthly payments can be very stressful. Refinancing your home may help you to consolidate all of your debt into an easier to manage monthly payment. The savings over the long run can be tremendous. Refinancing your home and consolidating your debt can also improve your credit score. Also, the mortgage interest can be tax-deductible. LT Lending Team is here to help you save money every month, so give us a call and let's talk more about refinancing.
Refinancing Can Help You Invest In A Rental Property Or A Business.
Refinancing your home to start any type of business whether it’s a brick and mortar store, an online business or even a rental property can be a smart move. Traditional small business loans are not easy to get approved for, especially if it’s a new start up business. With home refinancing, your approval rate percentage will be much higher, and the turn around time will be faster
When approved, you’ll also be glad to know that your interest rate will be lower. Once approved, you’ll be free to use the cash for any business-related purposes because there are no restrictions on how you can utilize the funds. There are some documents that will need to be prepared and presented like expense sheets and estimated monthly income potential.
Refinancing Your Home Can Eliminate Your Mortgage Insurance Payment.
When buying a home, private mortgage insurance (PMI) allows you to make a down payment of less than 20%. But PMI doesn’t provide any insurance protection for you. PMI protects the lender in case you don’t pay your motgage. The average home owner pays $100 to $300 per month for PMI, but you can have this expense eliminated.
When you meet certain point in your payments and built up some equity, you can refinance your home and get rid of mortgage insurance and lower your monthly payments. Contact LT Lending Team today to discuss lowering your monthly mortgage payment by refinancing your home and eliminating PMI.
Refinancing Your Home Can Get You A Lower Or Fixed Interest Rate.
Refinance your home mortgage means replacing your current mortgage with an entirely new loan. The steps to refinance your home is similar to the steps you made when obtaining your original mortgage. You have to qualify and get a new appraisal. But since we are mortgage brokers, we can have access to more lending companies which means getting you the best rate in the market place. We’ll get quotes from multiple lenders that can help you maximize your savings when refinancing.
Even if you’ve worked with a lender in the past on your initial mortgage, you can still work with LT Lending Team on your refinancing. In fact, it’s better for you to work with us because of the services that we provide from start to finish. We’ll discuss when lock in your rate to avoid potentially rising rates. We’ll inform you on all the documentation needed to make the process run smoothly. And when it comes time for appraisal, we’ll let the lender or appraiser know of improvements and repairs which could lead to a higher refinance appraisal.