There are many reasons you may want to consider refinancing your current mortgage loan. As you consider all your options, it’s important to have a mortgage loan officer who will help you find the loan that’s right for your needs.
When you refinance with the SEIU Home Financing Program, we’ll work with you to help you make informed decisions, support you through the entire process, and keep you updated on a regular basis. And we’ll start it all by giving you a quick overview of the potential benefits a refinance loan can offer.
Lower your monthly payments
Refinancing at a lower rate or for a longer-term can have a positive impact on your budget. A refinance loan could help you:
Shorten the term of your existing loan
If you’re able to afford a higher monthly mortgage payment, switching to a shorter-term loan allows you to build equity in your home faster and pay off your loan more quickly, potentially saving thousands of dollars over the life of the loan.
Convert between adjustable-rate and fixed-rate
Changing from an Adjustable Rate Mortgage to a Fixed Rate Mortgage can keep your mortgage payments the same for the life of the loan and provide you more budget certainty. Conversely, switching from a Fixed Rate Mortgage to an Adjustable Rate Mortgage could be a good idea if you don’t plan to stay in your home for more than a few years. In this case, you could reduce your loan’s interest rate and monthly payment.
Free up cash for other needs
Provided you have enough equity in your home, you may opt to refinance your home for more than you owe and receive the difference in a lump sum. There are pros and cons to this approach:
Pros: It frees up cash for large expenses such as home improvements or to consolidate your debt at lower interest rates that are often tax-deductible.(Please consult your tax advisor.)
Cons: While this is an easy way to pay off credit card debt, it is not a good decision if you will quickly run up the credit cards again, since you will end up with the same payments and yet more debt against your home.
Work with the right lender
As you look to replace your existing mortgage with a new one, make sure it’s with a bank you can count on—one that puts you first through every step of the process. With the SEIU Home Financing Program, you’ll get:
It’s important for you to consider all of the factors in your situation and determine whether your reasons for refinancing offer true benefit.
Interested in a refinance loan? Let’s talk.
Now that you know the benefits of refinancing, you can review your options with a team you can trust. Plus, we offer special benefits exclusively for SEIU members.
To learn more about the SEIU Home Financing Program, call us toll-free at 1-800-706-0750.
To be eligible for the benefits under SEIU Home Financing Program, applicants must identify themselves as SEIU Members during the loan application process. SEIU membership is subject to verification.