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3 Benefits of Refinancing Your Home Loan

Ownership a home can provide a stable residence that has the potential to increase in value. Refinancing offers an excellent way to access a portion of the equity within your home. Perennial Funding provides attractive mortgage rates for properties that are located in Delaware, Florida, Maryland, New Jersey, Pennsylvania and Virginia.

Pay Off Consumer Debt

If you have several bills that are financed via high-interest rate debts, refinancing might present opportunities to consolidate your credit cards, personal loans and other items. Securing a low-rate home loan that reduces your monthly outlay toward bill payments might also enable you to deduct the mortgage interest expense (consult your tax adviser for greater clarity).

Recent changes to the tax code may provide certain benefits to homeowners who borrow money via a first lien mortgage loan versus a home equity loan. As of January 1, 2018, homeowners cannot deduct the interest expenses that are paid on a home equity loan or on a second mortgage loan.

Speaking with one of our mortgage professionals about strategies for refinancing your home loan could result in some substantial savings.

Obtain Cash Out With a Low-Rate Mortgage Loan

A low-rate mortgage loan is one of the most cost effective ways to borrow money. Qualified borrowers are typically able to obtain interest rates on home loans that are far more attractive than the interest rates that are associated with personal loans. In addition to securing a lump sum to apply toward major home improvements or toward travel expenses, refinancing a primary home loan to pay off a second mortgage could enable you to gain additional tax deductions, as well.

Change the Term of Your Home Mortgage Loan

Now is a great time to review some of your financial planning goals and your retirement goals. If your goal is to pay off your home sooner, you can inquire about low-rate mortgage loans that are fixed for 15 years. However if you want to stretch out the scheduled time frame to pay off your home, a 30-year fixed-rate mortgage loan may ideal for your situation.


The ability to deduct the interest that is paid toward a mortgage loan is one of the greatest advantages of owning a home. Leveraging your home equity to reduce your monthly expenses and to maximize your deductible mortgage interest expenses could increase your financial stability. Contact Perennial Funding at (888) 826-4856 to get more information about refinancing your home loan.

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*By refinancing your existing mortgage your total finance charges may be higher over the life of the loan.

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