Should I refinance my mortgage?
If your property is located in Pennsylvania, you might be a good candidate for a mortgage loan refinance. Consider these factors to help you decide if refinancing is right for you:
- Current mortgage rate – Lowering your rate can have a significant impact on your monthly payment.
- Mortgage term – Depending on how many years you have left on your current mortgage, refinancing can enable you to shorten the term to 20, 15 or even 10 years, saving you in interest paid.
- Cash out – You may be able to tap into your home’s equity when you refinance. You could make home improvements or pay down debt with the equity from a cash out refinance.
- Current loan – Do you have an Adjustable Rate Mortgage (ARM)? Refinancing to a fixed-rate loan at a low rate would offer the security of knowing your exact payment amount every month.
- Eliminate Private Mortgage Insurance (PMI) – You may be able to eliminate PMI depending on the equity in your home at the time of refinance.