When you purchased your WA home, hopefully you were able to take advantage of the most affordable rates which were available. But times change, and with them, so do rates. Your financial situation has probably changed too.
That may mean that the rates you are paying now are no longer the most affordable ones out there. If that is the case, you may want to think about getting your home refinanced.
It may be time to refinance your home in Seattle, Bellevue, or elsewhere in Washington state if:
Interest rates have dropped since you first purchased your home. You need cash out for an investment or childs education.
You have a fixed-rate mortgage but want to switch to an adjustable-rate mortgage (or vice versa).
You need more (or want to reduce) time to pay off your mortgage.
Your credit score, debt-to-income ratio or other aspects of your financial situation have improved since you first took out your existing mortgage.
Think a refinance may be right for you? You can look forward to the following potential benefits:
Lower interest rates could mean lower monthly payments.
An adjustment to your loan term could help you pay off your mortgage early without a penalty or give you more time to pay it off if you need it.
If your rates are ballooning, switching to a fixed-rate mortgage can bring you stability and peace of mind.
You may have an opportunity to adjust other terms of your agreement to better suit your needs.
You can consolidate your debts through a refinance. This can save you money and time each month on your payments.
Tap into your equity to get cash out for your needs which can include home improvement, investment or for your child's education.
Depending on your specific circumstances, there may be other possible benefits of a refinance in WA as well.
As with a home purchase loan, a home refinance loan requires that you meet qualifying criteria. Take a look at your finances, and do what you can to minimize your risk profile and improve the overall perception that you are a trustworthy borrower.
When you apply to refinance, you should have a strong credit score and debt-to-income ratio, and you should be able to demonstrate steady employment (or another reliable source of income). The equity you own in your home and your other assets may be considered as well.
If you are ready to reduce your interest rate, adjust your loan term, or take advantage of the other great benefits of refinancing, Blue Square Mortgage can help you make it happen. Give us a call today at (206) 352-6453, and we will schedule you for a consultation. We look forward to assisting you in meeting your financial goals.
Blue Square Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.