Refinancing your mortgage can be a great way to save money and lower your monthly payments.

One of the main reasons to refinance is to take advantage of lower interest rates. Interest rates fluctuate over time and if they have dropped since you took out your original mortgage, refinancing can mean paying a lower rate on your remaining debt. This can result in significant savings over the life of your loan.

In our current market with higher interest rates now may be a good time to increase the amortization on your mortgage. If you currently have 25 years or less remaining on your amortization, we may be able to lower your monthly payments by refinancing at a 30 year amortization.

Additionally, refinancing can help you to consolidate other high-interest debt, such as credit card debt or student loans, into one manageable payment. This can be a great way to save money on interest and simplify your finances while creating better cashflow.

Before deciding to refinance, it is important to consider the costs associated with the process. These can include closing costs and appraisal fees. It is important to make sure that the savings you realize through the refinance will outweigh these costs.

Overall, refinancing can be a great way to save money and free up cashflow. A licensed mortgage professional will do a cost analysis to outline the savings and help determine if refinancing makes sense. Contact me for a free consulation to discover if refinancing can save you money!