New Year’s resolutions are famously hard to keep. Everyone says they’re going to eat better, exercise more, stop smoking, stop drinking, or save more money. The last one is hard to do on your own, but if you’re a homeowner, it’s easy to do. Here’s how a refinance is a New Year’s resolution that you should keep.
The simple definition of a refinance is a new mortgage to replace your current home loan. You take a mortgage at a lower rate, like we have today, and restart your mortgage there, keeping what you’ve already paid as equity. Now, you can use that equity however you want, including taking cash out of your home to pay off credit cards or other debt. You can also take a shorter commitment on your loan to save yourself interest payments, and the jump in payment may not be significant if you are lowering your interest rate and have solid home equity.
Refinancing to a lower interest rate saves you money every month.
That’s how you keep a New Year’s resolution. You don’t have to make a commitment to go to the gym, or buy groceries you won’t eat, or buy a treadmill/clothes hangar. You refinance, and you put money in your pocket. That’s it.
Use that money however you want. You can put two resolutions together. Use the savings to join a gym or hire a trainer. Take cooking classes or buy healthier food instead of eating out all of the time. Quit smoking and spend your savings on gum and lollipops. Whatever you want to do with it, it’s your money.
You can even skip a couple of months of payments after you refinance, to really make sure you’re able to start the year off right.
If you want to keep a New Year’s resolution this year, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, or Indianapolis at (317) 550-1515. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We’ll even come to you to make sure that you get the loan that’s right for you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?