For most homeowners, their mortgage payment is their largest monthly expense. For many, the cost of their mortgage can be one of the most important steps (or obstacles!) to their financial goals. And yet, mortgage rates are the lowest they’ve been in a long time—so shouldn’t you make sure that your mortgage is the best fit for your financial future?
Why should you consider refinancing?
Refinancing your mortgage is essentially trading your current mortgage for a newer one. This gives you an opportunity to renegotiate the term of your loan or obtain a better interest rate. That could mean considerably reducing the interest you’ll pay over the length of the loan, or even moving your timetable forward to repay the loan earlier.
Refinancing could also provide the cash needed to consolidate higher-interest debt, complete home improvements, or relax the strain on your wallet. Even if you refinanced a few years ago, with current rates being so low, it’s still worth evaluating whether refinancing again might make sense for your financial goals.
Does it make sense to refinance your mortgage?
Whether or not it’s a good idea to refinance your mortgage depends on your unique situation. There are a few key things that are helpful for you to consider as you think about refinancing:
- Do you qualify for a rate lower than your current rate?
- How much equity do you currently have in your home?
- How much debt do you have?
- What’s your credit score?
- What kind of loan is best for your current needs?
- How long do you plan to stay in your home?
Of course, these can be complicated questions. Thankfully, our qualified professionals at Mortgage Solutions, LLC ^*^—a wholly-owned subsidiary of Vantage Credit Union—are here to help you explore your refinancing options.
See if refinancing is right for you.
It’s the perfect time to review your options! Let our trusted experts at Mortgage Solutions help you determine whether refinancing your mortgage could be right for you! Call or email one of our mortgage professionals, and they’ll provide the personal guidance, care, and service that you’ve come to expect from Vantage Credit Union.
314.264.5325 | 866.533.1720
19 Research Park Court
St. Charles, MO 63304
Please remember that electronic mail isn’t secure. Therefore, confidential or personal information shouldn’t be communicated in this manner.
Make your mortgage more manageable by refinancing!
Looking to move to a new home? Vantage can help with that too!
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* Mortgage Solutions, LLC (NMLS# 277481) is a wholly-owned subsidiary of Vantage Credit Union. Missouri Residential Mortgage License; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company; Arkansas Licensed Mortgage Company. Subject to credit approval. Equal Housing Lender.
** Visit vcu.mycuhomeadvantage.com for full Cash Rewards details.