In today’s current social and economic climate, many people are re-evaluating their finances to either resolve current challenges or move forward with new opportunities...or both! A great option for many homeowners is to consider refinancing their home to take advantage of their growing equity. The term refinancing may sound intimidating, but can be highly beneficial and can give you access to many opportunities and goals that you may have thought were otherwise unachievable.
Here Are 3 Key Benefits You Can Take Advantage Of By Refinancing Your Home:
After a turbulent few years, extra debt can really start to weigh you down. Credit cards tend to rack up high interest rates, and if you have multiple sources of debt, it can feel overwhelming planning which debts need to be paid by certain deadlines, all while the interest continues to pile on leading to even more debt. By refinancing your home, you can consolidate those extra debts into your mortgage for one easy payment. It offers a little more monthly cash flow and also will save you in the long run by avoiding those higher interest rates. The majority of consumer debts such as credit cards, lines of credit, student loans, or vehicle loans carry a much higher interest rate. Refinancing can provide a bit of breathing room when it comes to debt, so you can move forward.
Refinancing your home can allow more funds and provide more flexibility or investment into your lifestyle. Perhaps there is an expensive home renovation that you have been hoping to get started on, such as a new deck, a pool, or a home extension. These renovations can further increase your home’s value. Or there may be a purchase that you would love to make but are dissuaded by the steep borrowing interests. Or perhaps you’d rather invest that money either into purchasing another home or invest it in other ways. There are plenty of ways that your money can work for you! Refinancing can make any of these options possible, and will directly benefit your lifestyle.
One of the greatest benefits of refinancing your home is that it allows you to utilize equity that would otherwise sit in the home unused. If that equity goes unused, there is a good chance that you and your family are missing out on financial opportunities. Refinancing will ensure that the equity that you have can work for you so you can move forward. Whether it’s funding an emergency expense, funding your child’s education, or funding an investment, refinancing is a great way to take advantage of the equity you have earned as a homeowner.
If you are still unsure how you can benefit from refinancing, book an appointment with one of our Licensed Mortgage Professionals Today!
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