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Is Now the Right Time to Refinance?

WHAT IS REFINANCING?

Refinancing: replacing an existing loan with a new loan. The new loan will pay off the current debt at new terms.

BENEFITS OF REFINANCING:

SAVE MONEY: One of the most common reasons to refinance is that the market has improved, and interest rates are now lower than your current rate. Lowering your interest rate can result in significant lifetime interest savings.

LOWER PAYMENTS: Refinancing often leads to a lower monthly payment increasing your monthly cash flow by extending the loan term. Since your loan balance is now smaller than your original loan balance your new monthly payment should decrease.

SHORTEN THE LOAN TERM: You can refinance into a shorter term loan to save money over the life of the loan. For example, you can refinance into a 15-year home loan from a 30-year loan.

CONSOLIDATE DEBTS: If you have multiple loans (car loan, credit card debt, etc) it is possible to consolidate those loans into one single loan—this makes the most sense if you can get a lower interest rate.

CHANGE YOUR LOAN TYPE: If you currently have a variable-rate loan, it can be beneficial to switch to a loan with a fixed rate. A fixed interest rate will offer protection if interest rates rise.

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Hallmark Home Mortgage, LLC (NMLS # 53441) is not licensed to originate in all states. All rights reserved. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. This is not a commitment to lend nor an offer to enter into a rate lock agreement. Terms, conditions and programs are subject to change without notice. Certain limitations apply. Contact us for additional details. Not all offices are licensed in all states. Visit: https://www.hallmarkhomemortgage.com/disclosures for complete licensing information.