What Is Refinancing?

Ever wondered what everyone is talking about when they say, “Interest rates are low, now is the best time to refinance!”. What does this mean?

Refinancing

Refinancing is when we take your existing loan on your property and replace it with new loan. If you’re wondering what the benefit to this is, let’s go through it together.

Better Rate and/or Term

The most common reason to refinance is to get a better interest rate. If you get a lower interest rate than your original, it will make your payments lower. You can also refinance into a shorter term, which can save you money on interest over the life of your loan. Whatever the desire, it’s a no brainier to investigate your options to free up more of your money.

Cash Out

Want to update your kitchen? Want to pay off some student loans? Another popular reason to refinance is to have access to cash quickly and payoff debts. You can pull a portion of equity from your loan and essential start a new loan. Depending on how interest rates look now compared to when you signed, you could also get a lower interest rate while you cash out. Cha-ching!

No matter what the reason is for wanting to refinance, The Ben Lemon Team is here and excited to hop on a call with you about what is possible for you and how we can help you reach your goals faster.