Lower Your Interest Rate
If your current rate is higher, consider refinancing to a lower fixed rate to save
you money every month on your mortgage payment.
Change the Type of Loan
If you are on a balloon or adjustable/variable rate loan type, you can refinance to a fixed rate to avoid possible future increases in your interest rate.
Lower Your Payment
If you are looking to reduce your monthly payment, extending your loan term over a longer period will achieve this goal. However, extending the term will likely cost you more in interest.
Pay Off Your Loan Faster
Your monthly payments may be higher by switching to a shorter term, but you
will save money in the long run by paying it off more quickly.
Get Cash from the Equity in Your Home
Do a cash-out refinance to pay off other debts, complete home improvement
projects, or to invest/diversify your assets in the stock market or mutual funds.
Buyout a Co-Owner
If you want to buy out an ex-spouse or someone that co-signed on the loan with
you, refinance to have the other party removed from the loan.
Switch to a Lender that Keeps Servicing Local
For some, it is reason to complete a refinance knowing you can pick up the phone or stop in to visit with someone locally. Dakotaland retains its loan servicing meaning payments and questions will be handled right here at home for the life of your loan.
