3 Smarter Refinance Strategies

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When most people hear “refinance,” they immediately think about lowering their interest rate.

But a lower rate isn’t the only reason a refinance can make sense.

Even when the current rate environment isn’t particularly attractive, there are still some smart refinance strategies worth considering.

In this video, I’m breaking down three:

Shortening your loan term.

Moving from a 30-year mortgage into a 15-year loan can help you pay your home off faster and save on interest over the life of the loan. Your monthly payment will be higher, so we have to look at whether that fits comfortably into your budget.

Consolidating high-interest debt.

If you’re carrying credit cards or other debt at much higher interest rates, using your home equity to consolidate that debt may help improve your overall monthly cash flow.

Refinancing after a major life change.

Divorce, changes in income, a growing family or unexpected expenses can all change your financial priorities. Sometimes refinancing gives you access to equity or allows you to restructure your mortgage around what you need today.

The rate is only one part of the equation.

The question isn’t just, “What’s the rate?” It’s “What are we trying to accomplish?”

That’s how I approach a refinance. We look at the numbers, the cost, the monthly payment and the goal, and then decide whether it actually makes sense.

Chenine Lozano, Home Loan Advisor
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