While it would be easy to just put your mortgage in ‘set it and forget it’ mode, smart homeowners always keep their eye on the refinancing horizon—it could help you save money or pay off your mortgage faster.
Here are three signs that you should consider refinancing your mortgage.
Let’s find out. If you think the time is right for you to refinance your mortgage, visit us online at Alaska USA Mortgage Company to set up an appointment with your local home loan expert.
If your goal is to pay off your loan more quickly, consider just paying extra on your mortgage each month as an alternative to a refinance. There are no closing costs involved, and the interest you will save over the term of the loan will add up quickly.
If you refinance and your new mortgage totals 80% or more of the value of your home, your lender may require you to add private mortgage insurance (PMI). PMI can be costly, so do what you can to avoid a cash-out refinance that adds PMI back to your payment.
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