If you’re a homeowner looking to save money or take equity out of your home, refinancing could be right for you. Refinancing a mortgage simply means paying off your existing loan and replacing it with a new loan….and the time to refinance is NOW! This new loan can be adjusted by your mortgage rate, loan length and even the amount borrowed. The country is current experiencing historically low interest rates, which means refinancing your mortgage can be an extremely beneficial decision. Right now, a large number of homeowners are saving a significant amount of money just by simply refinancing.
Here are three ways that refinancing with American Bank & Trust can help you
1. Reduced Interest Rate
You may be able to reduce your loan’s interest rate through refinancing. It’s one of the best reasons to do so. Securing a lower interest rate can help you save money and lower your monthly mortgage payments. It’s simple – pay less interest with a lower rate!
2. Shorten the Loan’s Term
By refinancing to a lower interest rate, you may have the opportunity to shorten your loan’s term. American Bank & Trust has numerous options that could result in significantly reducing your mortgage term with only a minimal hike in your monthly payment. If you’re looking to build equity faster, refinancing can help you cut down the time significantly.
3. Utilize Equity
Finally, you can refinance in order to access part of your home’s equity. This can be a smart way of investing in home improvements, education, or consolidating high-interest debt. In most cases, mortgage interest is tax deductible so there may be tax savings as well. Check with your tax advisor.
AB&T mortgage options
American Bank & Trust has competitive mortgage options and a wide range of financing programs available. This makes choosing the right mortgage easy. Our financial calculator can help you figure out how much you can save on your current mortgage.
The bottom line is that things change and the home loan that was perfect for you in the past may not be as ideal today. Through refinancing, you’re able to take stock of your current mortgage and make the adjustments that are best for you today. Whether your end goal is to get a lower interest rate, access your home’s equity, or pay your loan faster – it may be time to consider refinancing. At American Bank & Trust, we’re here to help you make the decisions that are right for you. To learn more about refinancing, contact our mortgage team here.
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