Why Now Is The Best Time To Refinance Your Adjustable-Rate Mortgage and Cash Your Equity?

If you’re focused on reducing your debt, financing your home for an extended period of time may not be a favorable move. Many who do have significant equity in their home refinance to "cash out. or.

See what else is cookin’ now. to Refinance Your Home? The first question to ask is why are you looking at an online mortgage? Are you looking for a better deal than your current mortgage because.

The remaining balance on your current mortgage is transformed into a new loan that has a better rate and/or term for your situation. Cash-out refinance: You liquidate some of your home’s equity, creating a new loan that consists of your previous mortgage balance plus the cash you took out.

Salvatore Fuschetto Loan Officer | NMLS # 455049 Ideal Lending Solutions – West Palm Beach American Financial Network, Inc. Mortgage Professional Reviews Buying a new home, refinancing your current home, or upgrading your space – Ideal Lending Solutions’ team of experienced loan originators are dedicated to exceeding your expectations. Our team of mortgage lending experts are there to meet any challenges that you may face along the road to becoming a homeowner.

If you allow your ARM to adjust (Option 1), your lender will assign a new mortgage rate based on today’s LIBOR. Most homeowners will get a rate near 3.95% which will be assigned for the 12 months. The payment on a 3.95% mortgage rate is $475 for every $100,000 owed. You can also refinance your ARM.

adjustable rate mortgage An Adjustable Rate Mortgage, sometimes referred to as an ARM, has a lower rate and lower monthly payments for the first 3, 5 and 7 years, depending on the term you choose. But after an initial period, your rate and payment may change, based on interest rates at the time.

That means the principal and interest portion of your monthly payment won’t fluctuate, which makes it easier to budget for your mortgage from month-to-month. Even if interest rates rise over time, yours will stay the same. Adjustable-Rate Mortgage. An adjustable-rate.

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7 days ago · The best reason to refinance your mortgage is if you think that you can get better terms on this new loan than on your original one.. Now it’s time to actually start looking for a refinancing.

While adjustable-rate mortgages have been a good choice with low mortgage rates, rising rates could mean it’s time to refinance to a fixed-rate mortgage. We help decide whether to refinance your.

Here are several sound reasons for refinancing into a new mortgage.. If you have an ARM but want the peace of mind of a payment that locks in today's prevailing interest rates, you can refinance. To Cash Out Some Equity in Your Home.