Refinance

Usually customers refinance their home for one of the three following reasons:

1. Adjust the rate/term of their mortgage.

Many people refinance to lower their rate or change the type of loan they have. For example: You have a 30 year fixed rate loan, but know you will sell your home in five years or less, you may reduce your rate by refinancing to an adjustable rate mortgage.

2. Debt consolidation.

A lot of people are using the equity in their homes to consolidate other debts they have accumulated. By paying off high rates, short term consumer debt with a lower rate, longer term mortgage, you can save hundreds of dollars each month. Additionally, the interest paid on the new mortgage is usually tax deductible.

3. Home Improvement.

Home improvements like these are extremely popular. Refinancing your home is an excellent way to pay for projects such as a new roof or window. By borrowing against the home you are improving, you maintain financial continuity. The home improvements enhance the value and enjoyment of the home, and the new mortgage allows you the same tax benefits as discussed above.

Refinancing your home is usually an easy process with Kenwood Mortgage, LLC. If you are even thinking about refinancing CONTACT US and see what options may be availible to you. Our Loan Officers can help you make an informed decision and see if a mortgage refinance makes sense to you.