5 Reasons to Refinance your Home

5 Reasons to Refinance your HomeRefinancing is one of the best ways to help ensure your financial future. However, it’s important to make sure you find the best refinancing option for your specific situation. If you’re not sure if you should refinance your home, keep these 5 reasons in mind, to be confident you’re making the right decision.

  1. Lower rate. One of the main reasons to refinance your home is to get a lower rate on your mortgage. The current mortgage rates are some of the lowest in recent history, so many people who bought their house 10 or 20 years ago can get a much better rate.
  2. Convert from an adjustable-rate mortgage. When you refinance, you have the option to switch your adjustable-rate mortgage, or ARM, to a fixed-rate loan. While switching to a fixed-rate mortgage doesn’t necessarily guarantee a lower rate, it does guarantee that your mortgage payments won’t change with inflation.
  3. Consolidate debt. While the cash-out refinance craze has ended, it’s still an option for many homeowners. Refinancing your home for more than it’s worth can put cash in your pocket, which you can use to pay off other debts, such as credit cards.
  4. Buy another property. Refinancing will allow you to have the funds to purchase another home, which can be used as a vacation home or a rental to help supplement your income.
  5. Deal with family matters. The money that you get from refinancing your home can be used to deal with many different family matters, from paying for a funeral to helping another family member avoid foreclosure of their own home.

For all of your home lending needs in the Irvine, California area, contact the experts at Avis Lending. We’ll help you with all of your refinancing needs.

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