How To Restructure Your Mortgage
The mortgage that you have today, and have maybe had for the past 5 years, does not need to be the same one that you’re dealing with tomorrow. You can refinance your mortgage for numerous differing reasons. You can also save money when you do so! Today we’re discussing how to easily restructure your mortgage in order to save money.
First and foremost, it’s important to recognize your end goal. Are you hoping to pay off your mortgage early or maybe reduce your monthly costs? Both of these things can be achieved. To pay off your mortgage early, you’ll actually be doing the opposite: paying more each month. This will allow you to pay less in the long run on interest, and to simply expedite the rate at which you complete paying off your mortgage.
Lastly, and the most common method of restructuring your mortgage, is to refinance your loan. In this scenario, you replace your current mortgage with a new one at a lower interest rate. In a tight lending environment, refinancing can be challenging but it is certainly an option. Refinancing is also made much easier if you have good credit history and a steady income.
Speak with your loan officer today if you’re interested in restructuring the current terms of your mortgage!