At Paramount Equity Mortgage, we strive to find you the best mortgage for your needs. Here are a few of the many reasons why people choose to refinance:
There are different ways to lower your monthly payments. Some homeowners are able to take advantage of lower interest rates, while others lower their payments by extending the term of their loan. Some also use the equity in their homes to consolidate multiple debts into one lower, monthly payment.
If you are currently in an adjustable rate mortgage (ARM), you might want to consider switching to a fixed rate mortgage, thereby avoiding future changes in your interest rate and payments.
If your home has increased in value or you have paid off some of the principal, you can opt for a “cash out” refinance. Many customers use the equity in their homes to pay down debt, make home improvements, pay for a child’s education, or cover other expenses.
You can shorten the repayment schedule by reducing the term of the loan, and in doing so, save a significant amount of money in interest.