Wednesday, February 5, 2014

3 Reasons to Consider Refinancing Your North Shore Real Estate!

Refinancing can oftentimes seem like an arduous task, full of questions and "What If" scenarios. Fortunately, as an experienced North Shore Realtor, I can assure you that most refinancing situations take only a few weeks and can offer lucrative benefits that homeowners will see for many years to come. Understanding your mortgage loan and then deciding whether or not refinancing may be right for you can hinge on several factors. Mortgage rates for North Shore real estate and beyond are expected to increase slightly in 2014, but even still are at historically low percentages. Some great reasons to consider refinancing include: 

1. Lower Your Interest Rate and Shorten Your Loan. Compare the current mortgage rate on your North Shore real estate with the low percentages being touted by lenders today. A lower interest rate is always worth looking into as it can save you money in the long-term on your overall loan. Additionally, if you've had your North Shore real estate for some time and have paid down a bit of the mortgage, it may be beneficial to explore what your monthly payments may be if you refinanced into a shorter-term loan. If the payments are easily doable, then you can have your loan paid off much faster AND save a load of money in interest!

2. Combine Current Mortgage Loans. If you have a home-equity loan in addition to your first mortgage, combining the two in an effort to lower your monthly payments and perhaps save money on interest is certainly worth looking into. Home equity lines of credit can vary tremendously in payment terms and loan rules, but getting a good handle on your mortgage loans is the first step of understanding your home and paying it off quickly. As a longtime North Shore Realtor, I am always here for past, present and future clients that may have loan questions. 

3. Cash-In Refinancing Can Lower Your Balance. This method allows homeowners to use cash to pre-pay their loan and qualify for a lower interest rate. Refinancing and pre-paying can help homeowners pay off their mortgage loan much faster. There are many options available to qualifying homeowners and, because interest rates are still extremely low, refinancing may be a great opportunity for those willing to do a little legwork! 

As always, I encourage those with questions to contact me for immediate attention. I am a North Shore Realtor that is fluent in the local community and the real estate and mortgage industries. Talk to me today and find out why Chicago's North Shore is right for you!

Janie Bress
Your North Shore Real Estate Expert

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