The refinance process is one that sends a chill down most people’s spines, but if you can confront your real estate fears, you will come out better (and richer) because of it.
When it comes to issues of the home and finances, many people shy away from it because they believe it’s too complicated. This mindset is neither helpful nor is it correct. While the refinance process does take some brain power–you need to consider all of the pros and cons–we know anyone can do it if they dedicate the time to such a task. If you are reading this blog post, that means you are not afraid to ask for help–and that’s a good thing! Especially when dealing with something new. If you need a few reasons to refinance your mortgage, here are a few reasons why it may be for you.
- Shorten the length of your loan. Many people opt for the 30-year loan because it is more affordable over the long-run; pay less money now to have more available funds now. But if you can afford more of a monthly payment, you may consider switching from a 30-year loan to a 15-year one. It will save you thousands on interest.
- Cash out your home equity. Ask yourself two things: are you someone who manages their debt responsibly? Do you have a solidly built plan–like opening a business or making an investment–that requires a bit of extra cash? Cashing out your home equity by refinancing your home may be something you should consider.
For all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California, contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. We have the experience needed to make sure your refinance process goes according to plan.