Millions of homeowners enjoyed financial relief over the past year thanks to a forbearance period established at the federal level of government. Now that the forbearance period has ended, you may be one of many homeowners who are now looking for ways to afford your mortgage payment with your post-pandemic financial situation. The good news is that you may be able to reduce expenses in several ways.
Refinance to Establish a Lower Monthly Payment
When you refinance your home loan, the new payment will be derived from the new interest rate and loan amount. In addition, the term length will reset. This means that even if you are 20 years into your current mortgage, you can still take out a 30-year loan based on the outstanding balance due today. The combined effects of these factors may result in tremendous monthly savings.
Refinance to Draw Out Cash Equity
Do you have a significant amount of cash equity that you could put to great use? This cash may be used to eliminate medical expenses, high-interest credit card debt and more. By paying these debts off, you could save hundreds of dollars or more each month. If your home has a significant amount of equity built into it, you could potentially access that equity without making a major change to your monthly mortgage payment.
Did you know that you may be able to adjust your interest rate and term to reduce your payment and to tap into your cash equity at the same time? Our associates at MortgageDepot want to help you find ways to reduce your expenses. To learn more about the options that you qualify for, contact the MortgageDepot team today.
Connect with one of our loan consultants to learn more.
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