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If you already own a home, you may want to
consider refinancing your existing mortgage to take advantage of lower
interest rates. Refinancing can also allow you to lower your monthly
payments, shorten the term of your loan, consolidate your first and
second mortgage into one, or obtain the
cash you need to help with that next important family expense.
Your home equity is the difference between
what you owe on your mortgage (and on any other home loans) and the
market value of your home. You build equity as that difference grows
—when you repay mortgage principal to decrease the amount you owe, or
when your home’s value increases.
You can borrow against that equity when you need cash, using either a
home equity loan or a line of credit. Both offer a number of advantages
over other types of financing, including:
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Interest
savings. Home equity loans and lines typically have much
lower interest rates than other types of financing, such as credit
cards and personal loans.
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Tax benefits.
Just like your first mortgage, the interest you pay on a home equity
loan or line is usually tax-deductible. Consult your tax advisor
about the deductibility of interest.
Contact us today
and let's start the loan process. . . |
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