Tammy Wandzura, Mortgage Broker, understands that every homeowner’s financial situation is unique, which is why we offer a variety of mortgage refinancing options. In this blog, we’ll discuss the different types of mortgage refinance options available and which option may be best for you.
1. RATE-AND-TERM REFINANCE
A rate-and-term refinance can help you lower your monthly payments or pay off your mortgage sooner by adjusting the interest rate or term of your mortgage. It’s important to work with a mortgage professional who can help you evaluate the pros and cons of this option and determine if it’s the right choice for your financial goals.
2. CASH-OUT REFINANCE
A cash-out refinance can provide you with access to your home’s equity, allowing you to use the cash for things like renovations or debt consolidation. However, it’s important to carefully consider the long-term costs of borrowing against your home and work with a mortgage professional to determine if this option is the best fit for your financial situation.
3. HOME EQUITY LINE OF CREDIT (HELOC)
Often times a HELOC is great to consider if you have a very small mortgage balance remaining. Giving you easy access to your equity should you need it, without selling your home OR additional costs to restructure the mortgage in the future.
There are a variety of mortgage refinance options available, and it’s important to choose the option that best fits your financial situation. Contact Tammy Wandzura, Mortgage Broker today to discuss your mortgage refinancing options and find the best option for you. To learn more about the services we offer, click here. To contact us, click here or call us at (306) 933-3386.