A mortgage is a loan for a home. There are many types of loans which enable lenders to fit the individual needs of a purchaser based on their preferences. Generally loans are either “fixed” meaning the interest rate does not change or are “floating” meaning the interest rate can change during some portion of the duration of the loan based upon market conditions.
Why should I Refinance?
Save money. A common reason for refinancing is to save money on interest costs. To do so, you typically need to refinance into a loan with an interest rate that is lower than your existing rate. Especially with long-term loans and large dollar amounts, lowering the interest rate can result in significant savings.
Will this lower my monthly payment?
Yes. Refinancing can lead to lower required monthly payments. The result is easier cash flow management and more money available in the budget for other monthly expenses. When you refinance, you often restart the clock and extend the amount of time you’ll take to repay a loan.
What if I have multiple debts?
If you have multiple loans, it might make sense to consolidate them into one single loan, especially if you can get a lower interest rate. It’ll be easier to keep track of payments and loans.
What People Are Saying About Us
“Financiera Moderna is very professional and attentive to their clients. They made sure my experience with the loan process was as smooth as can be with no surprises, and that relieved so much stress compared to my previous experience using other companies I’ve used. They are truly passionate about serving their clients and I recommend choosing them if you are in the market for a loan. They are the best!“