Refinancing Your Home
Are you interested in saving on your monthly mortgage payments or would like to pay off your home loan faster? Home refinancing might be the right option for you. If your current home loan feels too expensive to live with, talk to Tap Money about finding a better option that’s more sustainable and affordable for your family.
How does refinancing work?
Refinancing is the process of replacing an existing loan with a new loan. The new loan is immediately used to pay off your current mortgage. This new loan will have better terms of repayment, saving you money on your monthly home payments. Successfully refinancing not only decreases your monthly costs but also improves your overall finances! The team at Tap Money is excited to get you started—and saving—on your refinancing journey.
The refinancing process
The specific terms of a new loan will depend on the type of loan and your lender but the process usually follows similar steps. First, consider your existing home loan that you would like to improve in some way—usually because it’s too expensive. Then, contact the knowledgeable Tap Money team. We review your current loan and discuss what kinds of terms would be more workable for you. Our team will do research to find better loan options that meet your requirements and ease the financial burden of your current mortgage. We’ll present those options to you in detail to help you confidently select the option that’s best for you and your family.
After we decide what works for you, we help you apply for your new loan. Once you’re approved you can use the funds to pay off your existing debt completely. The result is a new loan with payment terms you’re comfortable with. You’ll continue to make the lower payments towards your home.
Other than payments, why refinance?
There are plenty of reasons to refinance in addition to decreased monthly mortgage payments. Refinancing saves you money in the future. With today’s low interest rates, you may be able to find a loan with lower rates, saving you thousands of dollars in interest over the life of the loan. If you have multiple loans on your house, you can find one new loan to replace the existing ones—this consolidates multiple payments into just one payment. Or, you may want to change your loan type to save money in the long run. For example, you could change from a variable rate loan to a fixed loan that won’t increase interest payments over time. Finally, refinancing is a powerful tool to save on interest payments. By shortening the total term of your loan you’re able to repay the loan faster, decreasing the amount of interest you’ll pay in total. With so many reasons to refinance, call Tap Money today to see if any of these money-saving benefits apply to your unique situation!