Reasons to Refinance Your Home
Refinancing your home mortgage allows you to replace your current home loan with a new loan that has different terms. For many, refinancing your home can simplify financial issues and set you up for any new financial situation you may find yourself in. Finances can change quickly, and large obligations like your children’s education or buying a new car can cause substantial financial burdens. Furthermore, high-interest debts, such as credit card loans, can be consolidated into your home loan to reduce interest rates and increase loan duration. There may also be tax advantages associated with refinancing. Refinancing your home can actually solve many different financial issues and our team at the Bradford Law Offices, PLLC in Raleigh can answer any questions you may have regarding the process.
Reasons for Refinancing Your Home
A home mortgage may be refinanced for any of the following five reasons:
- To reduce monthly mortgage – usually the result of an extended period loan
- To free up cash for everyday use – requires a longer duration loan
- To combine others debts into a single loan – can be a shorter or longer duration loan
- To decrease or vary risk – often involves switching over to a fixed-rate loan from a variable-rate loan
- To obtain a better interest rate – allows smaller monthly payments or reducing the overall length of the loan
Refinancing your mortgage can also potentially help you keep your home and avoid foreclosure.
Discuss Refinancing Your Home with a Bradford Lawyer
At the Bradford Law Offices, PLLC, our lawyers understand that people who are struggling to pay their mortgage may be facing the possible loss of their home. Fortunately, with our legal help and guidance, you may be able to utilize other options to keep your home and get you back on track financially. To discuss these options, call (919) 758-8879 today.