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Refinance: 5 Ways It Can Change Your Financial Future

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Refinancing. 

You may find it to be top of mind for you if you own a home.  Does the idea of lower interest rates spark your interest? How about a cash-out refinance, giving you some financial freedom to pay down debts or finance that home improvement project?

Loan refinancing allows borrowers to take advantage of current rates by taking out a new loan to pay off an outstanding loan. With Conquest mortgage conventional mortgage refinance rates in Florida sitting between 2.5-2.99%, and VA refinance rates at 2.25%-2.375%, now more than ever is the time to capitalize on the refinance opportunity. 

Why would you refinance your mortgage, and take advantage of low rates? Borrowers typically refinance for a few reasons: to cash-out their equity to pay for a home improvement project, to shorten the term of their mortgage, convert their current mortgage type, to take advantage of lower interest rates than they had seen at the time of their current loan conditions, and also to reduce their monthly payment amount. Here are 5 reasons why you should refinance your mortgage with Conquest. 

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Lower Monthly Payments

  • With a lower interest rate, you can anticipate a lower monthly payment. Especially so if your refinanced mortgage has the same pay-off date as your previous mortgage. If your goal is to make your monthly payment as low as possible, you also have the option to extend your payoff date to later than originally anticipated. 

Change Your Loan Term

  • Is your goal to pay off your mortgage sooner? Refinancing may get you there faster. With this option, it may be likely that you pay less monthly in interest (depending on your current rate versus the rate at time of refinance), but you can expect for your monthly mortgage payments to rise with a shortened term.

Cash-Out Funds

  • When using a cash-out refinance method, you will receive a check at closing for the difference between your previous mortgage and your new one. With this, there are no restrictions on how you spend this money. Something to keep in mind: cash-out refinance replaces your current mortgage with a new mortgage, higher than your original outstanding balance. You withdraw the difference on the two; this being the check received at closing. If your financial goal is to pay down your mortgage faster, this is not the best option for you.  

Lock In More Predictable Costs

  • Do you currently have an ARM (adjustable rate mortgage)? If so, you understand the complexity of varying monthly payments. With refinancing, you can alter your mortgage type to a fixed-rate mortgage. With a fixed-rate mortgage, you can pay with ease knowing that your monthly payments will not vary month-to-month. 

Lower Rates + Monthly Payments

  • Do you have some financial goals that require extra monthly cash? Locking in lower rates may provide you with a lower monthly payment freeing up extra cash to meet those financial goals. 

The Conquest program is exclusive to mortgage brokers, meaning no bank, retail lender, or even credit union can offer these rates to home buyers or those ready to refinance. Ready to get started, and looking for a mortgage lender in Georgia, or Florida, that offers these exclusive Conquest rock-bottom rates? Look no further than Future Home Loans! Located in Duval County, Florida, Future Home Loans is ready to move you forward with rates as low as 2.5-2.99% on Conventional loans and refinance, and 2.25-2.375% on VA loans and refinance. Now is the time to change your financial forecast!

Copyright© 2020 Future Financial LLC DBA Future Home Loans. NMLS#1621953. 315 11th ave North Jacksonville Beach, FL 33250, 904.494.6000. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Future Home Loans is not affiliated with any government agencies. Information contained in this email may include links or references to third-party resources or content. Future Home Loans does not endorse or guarantee the accuracy of this third-party information. If you follow these links, you will be linking to a third party website not operated by Future Home Loans. We are not responsible for the content of that website, and its privacy and security policies may differ from those practiced by Future Home Loans. www.nmlsconsumeraccess.org Click here for licensing.

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