If rates drop take advantage and refi to drop that payment! Sometimes however the goal is a shorter term and more aggressive payment. Or, simply converting from an ARM that's expiring to FIXED.
Turn equity into cash and use it remodel the kitchen or add a pool, send a kid to school or travel the world. With values rising quickly your equity is growing and opportunities to tap it are right here.
As home values increase your equity increases. And as you make payments your loan balance decreases. When your loan reaches 80% of the home value you can eliminate PMI!
Recently married (or divorced), then you may need to add or remove a borrower from your loan.
Or, if you co-signed for someone and they no longer need you on their loan.
If you suddenly find yourself flush with cash from an inheritance, the lotto or a great new job you may want to adjust your loan terms.
Maybe you have moved on to something bigger but are hanging on to your starter home. As a new landlord, you will need to adjust your loan and insurance.
Many borrowers see a huge boost in their credit score after making timely mortgage payments for a year or two. In some cases it's enough to improve your mortgage profile and interest rate.
Some products have interest only periods for the first several years. When your monthly loan payment is fully amortized it goes up, so it's a good time to shop around for deals.
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