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Making Finances Simple. Changing Lives.

8/1/2019

6+ Reasons to Refinance...Do Any of These Apply To You?

There are numerous motives folks have for making a change to their existing home loan. Check out the list we've compiled below to see if any apply to you.....
NOTE: By providing this list, we’re not recommending you find a reason to refinance that isn’t a fit for you personally. We highly suggest speaking with a professional advisor to help determine the best course of action for your specific situation/goals. Contact us if you have questions…we’re happy to work alongside you to assess what’s best for you!

1. Get Rid of Mortgage Insurance
Higher values and lower loan amounts equal increased equity, allowing for the opportunity to get rid of your Mortgage Insurance.

We’re getting appraisal waivers on most loans these days, meaning an appraisal is not needed, eliminating the cost and risk of your home value coming in short of what’s needed.

2. Cash Out Home Equity
Consider the list below for reasons to get a cash-out refinance.
  1. Home improvements
  2. Debt consolidation/restructure
  3. Education expenses (for self or kids)
  4. Divorce buyout
  5. Beef up emergency funds
  6. Purchase additional property (2nd home or rental property)
  7. Fund business start-up/expansion
  8. Stock market/life insurance contributions
  9. Toys (car, boat, vacation)

3. Lower Monthly Payment
The “cash flow game” is critical. Many folks, especially during later years in life, find it beneficial to reset the term on their mortgage to reduce required mortgage payments. Combined with lower rates, an extended term can provide lower payments and meet a cash flow need.
 
4. Shorten Loan Payback Term
We have “flex-term” loans, which allow us to provide loans with any whole-year term (meaning we can do loan terms of 23, 24, 25, 26, 27 years…any whole year!)

So, in low rate markets like we’re in now, we’re able to customize a refinance loan to shorten the term and keep the same payment. For example, you may have 24 years left on your 30-year loan. Many hesitate to refinance because they don’t want to drop back to a 30-year term. Well, we can get you a new loan with the shorter term (i.e. – 21 years) that results in your same current payment, allowing you to shorten your term, with no payment change!

5. Lower Rate
This one seems obvious. But, homeowners can lower rates for reasons other than just being in times of lower market rate environments. See below:
  1. Credit score improvements
  2. Increased income
  3. Decreased debt
  4. Home value appreciation/increased equity position
  5. Increase in loan limits
 
6. Get Out of ARM (adjustable rate mortgage)
Fixed rates are near all-time lows. Fears of increased rates in the future may compel those with ARM loans to convert their loan to a fixed rate. This can help protect against future rate increases and large payment bumps down the line.
 
Again, we’re happy to assess your specific situation to see if a refinance is right for you. Feel free to contact us if you’d like to schedule a NO cost review of your home loan.

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​​© 2023 Peshke Financial Inc., all rights reserved. NMLS #2244878. "Making Finances Simple. Changing Lives." is a pending trademark with USPTO. Material contained in this website is for informational purposes only and is not meant to be construed as direct financial advice for your specific situation. It is recommended that you consult with your own advisors for any personalized financial guidance. Since we’re not licensed attorneys, we cannot provide legal advice. As such, any info contained in this website should not be construed as direct legal advice. Individual Licensure (see profiles) - click here. Send Docs Securely - click here.