If you purchased a home and put less than 20% down, you most likely have mortgage insurance.
To help mitigate the lender’s risk, mortgage insurance is charged on loans with less than a 20% down payment. Yes, they will lend to you with less than a 20% down but you will be responsible for paying the mortgage insurance premium every month until you pay down your loan far enough where you have 20% equity in your home. This can cost you thousands of dollars over the years and hundreds of dollars every month.
With interest rates down and the real estate market appreciating, now is the time to refinance your loan. You can eliminate your mortgage insurance and lower your interest rate at the same time and therefore lower your monthly mortgage payment.
If you’re carrying thousands of dollars in credit card debt and would like to pay that debt off, use the equity in your home to do so. With a cash-out refinance you can take some of the equity in your home pay off your credit card debt or just pull cash for any reason.
Call Concord Mortgage, Inc. today for your free consultation.