Pay Off Your Mortgage Faster
Take Control of Your Finances
Are you a hard-working mortgage owner in Las Vegas? In just a few years you’ll also be a proud home-owner, Until then, you’ve got a few payments to make. Many borrowers think that the conditions of their loans never change. You’re in it forever. We’re happy to tell you that it’s entirely right. Your mortgage rate, payment, and time period may change. This is possible only if you are willing to learn about ways you can payoff your mortgage faster.
Cash-in mortgage refinance: You might have heard about Cash-out Mortgage Refinance. This method can be used to draw out money from your home loan. If you overdo this, it may result in underwater loans, i.e. a loan much bigger than the property value. It’s a bad place to be at. We suggest you look into the opposite option, bringing cash into your loan to reduce the rate.
If you payoff your mortgage faster, you’ll also need to pay less interest rates. Cash-in mortgage refinance makes it possible for underwater loan owners to apply for a refinance. You need to balance your loan to an acceptable size before you can explore other options. This also means that you need to invest a big sum of money. Reach out to us to explore the options and see if cash-out refinance makes sense for you.
15-year fixed loans: Do you like stability, but still want to speed things up? Sign up for a 15-year fixed loans. Remember that the sooner you close the loan, the less you’ll have to pay. Of course, that’s if the conditions don’t include penalties for prepayment.
Talk to our team of mortgage experts to learn more about the options and understand which one works for you. Take advantage of the low mortgage rates and benefit from alternative loan options.
Frequently Asked Questions
When should I refinance mortgage?
Generally, refinancing is a good option only in specific cases. Some of them are:
- Lowering the monthly payment
- Shortening the mortgage term
- Cashing out equity to receive money
But even in these cases, you should be careful choosing the refinancing option. It may actually prolong your term, increase the interest rate or add to the loan, if done carelessly. This is why you should always consult with an expert before deciding on refinancing. What are your reasons and what is your current financial state. By analyzing these factors, experts will be able to tell you if it makes sense for you to refinance now.
Why should I shorten my payment term?
A shorter payment term means you can close your loan faster and invest in other things. This also means you will own your house sooner. Shorter payment terms also mean you pay less interest rates.
What are the risks of refinancing?
If you’ve refinanced for the wrong reasons, you may have to pay more to close your loan. Some of the risks of unnecessary refinancing are:
- Higher interest rates
- Longer payment term
- Increased monthly payments