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5 Benefits of Refinancing Your Home

Home loans are excellent tools for long-term financing. Whether you want to pay off several debts or to remodel your master bathroom, refinancing could provide the funds that you need. Speaking with a licensed loan officer at Perennial Funding can enable you to explore several options for refinancing your home.

How Does Refinancing Work?

Refinancing enables a borrower to replace financing that is secured against a home with a new mortgage loan. However, you will need to meet certain qualifications prior to receiving a new home loan. A mortgage specialist must review your credit, current income sources and information about your home to determine if refinancing makes sense for your situation.

Similar to purchasing your home, refinancing will require updates for specific items, such as your homeowners insurance policy, title information and land records. Also, your lender will need to order a new home appraisal to determine the value of your home.

Get a Lower Mortgage Payment

A more attractive interest rate could result in a lower monthly mortgage payment. Refinancing your home for a longer term might enable you get a lower mortgage payment. One of our loan officers would be delighted to see if the current interest rates could provide the benefits that you are seeking.

Secure a Fixed-Rate Mortgage Loan

If you opted to finance the purchase of your home with a one-year adjustable-rate mortgage or a three-year adjustable-rate mortgage, a fixed-rate mortgage loan can provide long-term stability. Today, you can contact us to inquire about the benefits of a 15-year fixed-rate mortgage loan or a 30-year fixed-rate mortgage loan.

Debt Consolidation

When your credit card balances rarely decrease with minimum monthly payments, it could be due to high interest rates. Using a portion of the equity in your home toward debt consolidation is an excellent way to get rid of your monthly bills with above-average interest rates. You may be able to save hundreds of dollars each month by consolidating debts, such as credit cards, student loans, personal loans and other recurring bills.

Make Home Improvements

A kitchen makeover could increase the level of comfort and the visual appeal of your favorite area to prepare food. Certain upgrades might increase the value of your home, too. However, the installation of beautiful cabinetry, granite countertops, high-end appliances and new flooring could result in a tidy expense.

A home improvement loan, a home equity loan or a second mortgage loan might be viable lending options to finance a home remodeling project. Instead of obtaining financing that results in an additional monthly bill, it may be wiser to receive cash-out for home improvements while refinancing your home loan.

Obtain Cash

You might have a variety of reasons to obtain cash from the equity in your home. Perhaps you will use the money to pay a few bills or to take an extended vacation. We are here to help you obtain an affordable home loan.

Contact Perennial Funding today at (888) 826-4856 to inquire about low-rate mortgage loans.

Calculate your savings!

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Perennial Funding LLC, 161 Washington St. Suite 950, Conshohocken, PA 19428

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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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