What are the advantages of refinancing a home?

The advantages of refinancing your home mortgage include the following: • Stability-Converting an adjustable-rate mortgage to a fixed-rate mortgage means your monthly payments will always be the same amount-no surprise increases. • Savings-Reduce your monthly mortgage payments by refinancing a lower interest rate when rates are low to save money each month. • Tax Deduction-Get a tax deduction on the amount you refinance, even if you take cash out to use for other purposes. Consult your tax advisor to determine how much of a refinanced payment may be tax-deductible. • Increased Value-Use additional cash from a refinance to improve your home and increase its value.

The advantages of refinancing your home mortgage include the following: • Stability - Converting an adjustable rate mortgage to a fixed rate means your monthly payments will always be the same amount - no surprise increases. • Savings - Reduce your monthly mortgage payments by refinancing a higher interest rate when rates are low to save money each month. • Tax Deduction - Get a tax deduction on the amount you refinance, even if you take cash out to use for other purposes. Consult your tax advisor to determine how much of a refinanced payment may be tax deductible. • Increased Value - Use additional cash from a refinance to improve your home and increase its value. [ Top ] 2. What are points? Points are a method of reducing the interest rate you would pay on a loan. One point is equivalent to 1% of the loan amount. For example, 2 points on a loan amount of $200,000 would be $4,000. In general, a loan requiring 2 points has a lower interest rate than one with 1 point or 0 points, but ...  more

There are several reasons to refinance your home mortgage. The most important part of determining weather of not this is best for you is to evaluate your current mortgage and rate and compare it to what is available. There are several advantages to refinancing your mortgage including: -Stability—converting an adjustable-rate mortgage to a fixed-rate mortgage means your monthly payments will always be the same amount-no surprise increases. -Savings—reduce your monthly mortgage payments by refinancing to a lower interest rate. -Tax Deduction—get a tax deduction on your closing cost. Consult your tax advisor to determine how much of a refinanced payment and/or closing cost may be tax-deductible. -Increased Value—use additional cash from a refinance to improve your home and increase its value. Would you like to refinance now?