Refinance Your Way to Freedom
When you have a lower interest rate, you can direct more funds towards the principal, allowing you to pay off your mortgage more quickly. When you refinance, you will have the opportunity to choose from a number of different options that all lead to the same thing: financial freedom.
Mortgages with shorter terms tend to come with lower interest rates. When combined with historically low rates in the housing market, you have the opportunity to refinance to a shorter mortgage term while paying roughly the same amount every month. In some cases, you can pay even less. In the long run, this helps you to save money while building equity more quickly.
Refinancing could cut your 30-year fixed-rate mortgage term in half to 15 years. With a sufficiently lowered interest rate, you have the potential to save a great deal of money that would otherwise have gone to interest. Depending on the market, you may also find it advantageous to convert from a fixed-rate mortgage to an adjustable rate-mortgage or vice versa. To better understand the differences between these mortgages and how to pay off your mortgage faster, check out our mortgage FAQs.
Contact a Home Loan Specialist Today
At J.G. Wentworth, we have dedicated ourselves to helping customers reach their financial goals. Our accessible and convenient home loan services are at your disposal. To get a rate quote or ask further questions about refinancing with J.G. Wentworth, get in touch with one of our home loan specialists today.