5 Reasons to Refinance Your New Jersey Mortgage

Refinancing your home mortgage is a great way to pay off excessive debt that has built up as well as get cash out to make much needed home repairs. Today’s market is a “buyer’s market” making it the best time to refinance your home loan. Interest rates on loans are at an all time low which can mean a lower house payment and more money in your pocket at the end of the month.

If you find that you are interested in refinancing your home mortgage then New Jersey Refinance may be the answer for you. Here are 5 reasons to help you understand why this is the time to refinance your mortgage.

Reason #1

Perhaps your first mortgage is still carrying a high interest rate or a rate above 5%. This is a good reason to take a look at and apply for a New Jersey Refinance . The current interest rates on a refinanced home loan are averaging 3.625%! Lowering your interest rate can lower your monthly home mortgage payment giving you more money in your pocket.

Reason #2

Refinancing a home loan is a good way to draw cash from your long term investment. Borrowing from the equity in a home is one of the main reasons a person refinances their home. What’s even better is the cash you receive back at closing is yours. You can use it for home repairs or renovations. Or maybe you’d like to have that second honey moon that you’ve been dreaming of. A New Jersey Refinance can help you accomplish that dream by refinancing your loan for up to 125% of the home’s value.

Reason #3

You can pay your home off even faster with a New Jersey Refinance . Choosing to refinance your mortgage loan at a lower interest rate for a shorter term can still help you save money and bring you piece of mind. Anyone who owns a home would be crazy to not want to pay their loan off faster.

Reason #4

Closing costs can be a real pain in the "pocket" but with a New Jersey Refinance the closing costs are less painful. Unlike many other refinance loan programs, our refinance loan offers closing cost credits. This helps reduce the amount of money needed at the closing of the loan leaving you with more money in the bank.

Reason #5

Perhaps your current mortgage includes a mortgage insurance premium. With a New Jersey Refinance you can get rid of the mortgage insurance premium saving you even more money throughout the life of the loan once your loan to value is below 80%. Because mortgage insurance is not required when participating in a refinance loan such as this one, your new mortgage payments will become even lower.