Useful tips & advice
Home Refinancing
Why do homeowners refinance and would it be smart for me?
Homeowners refinance to accomplish a variety of goals, but for one basic reason: to save money. To save money by getting a lower interest rate. To save money by using a tax-deductible loan (the refinance) to pay off non-tax-deductible debt. That’s tax smart! People most commonly use a refinance to:
- Convert a higher interest rate mortgage to a lower interest rate mortgage
- Lower their cost of debt by converting non-tax-deductible debt, such as credit cards or car loans, to tax-deductible mortgage debt.
- Convert an adjustable rate mortgage to a fixed rate
- Consolidate a first and second mortgage into one lower-rate mortgage
- To get cash for family needs/expenses (tuition, medical expenses, etc.)
The key point to remember in all these instances is a refinanced mortgage offers you tax-deductible borrowing (which effectively lowers your cost of borrowing). Is a refinance a smart move for you? To find out, try the calculators or call a YourHomeLoan.info Loan Advisor at 1-800-470-7567. You’ll get our honest, objective opinion on what’s most advantageous for you.
How do I apply for a YourHomeLoan.info Refinance?
The application process is quick, easy and you can do it online.
How soon will I know if my YourHomeLoan.info Refinance has been approved?
Once your application has been received you will be notified instantly!