Grow Financial Federal Credit Union

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August 8, 2019

Three Good Reasons for Refinancing Your Home Loan

When rates are as low as they are right now, it’s just smart for homeowners to look into refinancing. Basically, refinancing means paying off your current mortgage and taking out a new one. But you don’t have to take out the same type of mortgage you had before. Refinancing gives you lots of options.

1. Lower Your Monthly Payment.

Here, you keep the same term on your mortgage and refinance for a lower rate. Even just cutting half a percentage point off your current interest rate can significantly lower your monthly payment. Plus, you’ll save thousands in interest payments over the life of your loan.

2. Pay Off Your Home Faster.

Want to retire the mortgage early? Refinancing for a shorter term can get you there faster. While your monthly payments will likely increase, your shorter-term mortgage loans generally have the lowest rates, saving you big money on your way to living debt free.

3. Cash Out Equity.

As home values have been rising, many owners now find themselves sitting on a nice cushion of equity. That’s cash you can use for home improvements or to take care of a major expense, such as paying for college.

Let’s Refi! Call 800.839.6328, ext. 2694.

Discuss your options with one of our local, professional Grow Real Estate Loan Officers, who’ll begin the application process and walk you through all the steps. You can also enter your information here if you’d like someone to reach out to you. Start today. There’s no reason why you shouldn’t refi.

Contact Us to Learn More

Talk to one of our Real Estate Loan Officers to see if you could qualify for a lower interest rate. Subject to credit approval.
Grow Financial mortgage loans are valid for the purchase or refinance of owner-occupied residential properties in the states of Florida and South Carolina, including single-family detached, condominiums and townhomes. Not valid for the purchase of investment properties. Grow Financial mortgage loan rates are updated daily and available at growfinancial.org.


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