As we approach the holiday season and the end-of-the-year chaos, the idea of how much you will be spending and how much you need to be saving is probably in the back of your mind. Holiday spending can be a huge financial weight, especially with the season’s added stress and a large pile of bills that must be paid first.
So, if you’re a current homeowner, the answer is YES, right now is the perfect time to consider refinancing. With the market’s low rates, refinancing is a great way to save some money and prepare for the upcoming holidays.
The initial step of your refinance is to determine your refinancing goal.
If you’re looking to lower your monthly mortgage payment, a rate-and-term refinance is the option for you. Rates are currently low, so now is the time to refinance your loan, lock in a lower rate, and save money on your monthly mortgage payment. What will you do with the extra savings?
If you’re looking to pull money out of your home’s equity, a cash-out refinance is the option for you. Through a cash-out refinance, you can take out money from the equity that has built up from your mortgage payments. This liquid cash can be used for holiday spending, a well-deserved vacation, a much-needed home renovation, a child’s hefty education expenses or whatever you may need.
With your goal in mind, the next step is to meet with a Summit Funding loan officer. You can find your local Summit Funding office HERE. At the meeting, your loan officer will review your current mortgage and help you begin the refinancing process. It is our team’s job to help you reach your financial goals and we would love to help you enter 2020 on the right path.