Home Mortgage Refinance Loan

Time for a Home Mortgage Refinance Loan

Interest rates have been tumbling for months, and the rates on a home mortgage refinance loan in Ashburn VA are at the lowest rates that have been seen in years. If you've been struggling with high mortgage payments, this could be the time to refinance your current mortgage for a lower interest rate. Not sure if a home mortgage refinance loan is the right thing for you to do at this time? Consider these factors to help you make your decision.

A Home Refi Loan Could Save You Hundreds of Dollars a Month

When you refinance your mortgage at a lower rate, your monthly payment on your home mortgage can drop by anywhere from $50 to hundreds of dollars a month. That leaves you with more money in your pocket for other household expenses or to put into savings. Consider refinancing at a lower rate if you want to reduce your monthly mortgage payments.

A Home Mortgage Refinance Loan Can Pay Off Your Home Sooner

When you refinance your home for a shorter term with lower interest rates, your monthly mortgage payment may remain the same or even rise, but you'll pay your mortgage off sooner and potentially save thousands of dollars over the life of your loan. You'll be free of your mortgage payments sooner and enjoy the peace of mind of owning your home outright. Consider refinancing for a shorter term if you want to pay off your home sooner and can afford the same or slightly higher mortgage payments.

Even if you don't qualify for a lower mortgage rate than you're currently paying, a home mortgage refinance loan can reduce your monthly payments. If you choose to refinance your current home mortgage at the same interest rate for a longer term, your monthly mortgage payments will be less though you'll end up paying more for your home over the years. Consider refinancing for a longer term if you need to reduce your monthly mortgage payments and intend to remain in your home for years to come.

Interest rates for Virginia homeowners haven't been this low in years. Contact a Ashburn VA loan company to learn more about how a home mortgage finance loan can help you reduce your monthly payments or pay your home off sooner.