Refinancing with EquitiFirst Mortgage
Refinancing refers to the replacement of an existing debt obligation with a debt obligation under different terms. Since 2008, the Federal Reserve has been keeping interest rates at all-time lows helping home owners reduce their monthly mortgage payment and better organize their finances. Reduce your interest rate today and find more financial freedom through the refinance process. Contact us today for current mortgage rates.
Lower Your Existing Rate
The interest rate on your mortgage is tied directly to how much you pay on your mortgage each month–lower rates usually mean lower payments. You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved. A lower interest rate also may allow you to build equity in your home more quickly.
Shorten The Life Of The Loan
Shorter term mortgages generally have lower interest rates. Plus, you pay off your loan sooner, further reducing your total interest costs. The trade-off is that your monthly payments usually are higher because you are paying more of the principal each month.
Lower Your Monthly Mortgage Payment
Increasing your mortgage term reduces the amount that you pay each month. However, this will also increase the length of time you will make mortgage payments and the total amount that you end up paying toward interest.
Consolidate Your Debt
Use the equity in your home to pay off other high interest loans such as credit cards.