The year is almost over, and it’s a perfect time to start thinking about how you can change your life for the better in 2017. One way to reorganize your life is to refinance your Georgia home. Refinancing your home loan could help you optimize your budget, reduce financial stress and allow you to invest in your goals. Many homeowners think about refinancing but never get around to actually doing it. Once you make the time to get it done, you’ll see that it’s really not so intimidating. Here are a few basic facts to help you understand the process so that you can add refinancing your home to your list of New Year’s resolutions.
Refinancing Your Home: How It Works
When you refinance your home, you get a new mortgage loan to replace your old one. Because it is a new loan, it could make potential changes to your interest rate, your monthly payments, and your payment terms. Most lenders will require that you have a specific amount of equity in your home before they will grant the new loan. Your equity is the difference between how much money you owe on the original mortgage and the actual worth of your home. In some cases, you may also need a new home inspection or appraisal.
Potential Benefits of Refinancing
Refinancing your home offers many potential benefits. If you do it at the right time and choose the right lender, you may be able to lower your interest rate, reduce your monthly payments, work on improving your credit score or use your current equity to pay off debt. Refinancing can also help you change lenders, replace an adjustable-rate mortgage with a fixed-rate loan, settle a divorce, or ease financial burden during a bankruptcy.
Get a Fresh Start with Help from First Mortgage Solutions
If it all seems too confusing, don’t worry. Our knowledgeable home loan experts at First Mortgage Solutions can help you understand the pros and cons of refinancing your Georgia home. We’ll work with you to meet your expectations and help you find the most practical and beneficial loan solution for your budget and lifestyle. Contact our professionals today, and get ready to face the new year with determination and a great new financial outlook that enables you to meet your goals and make your dreams a reality.
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