Rates are Record Low. Looking for a rate and term or cash out refinance? Ready to pay less in interest and lower your monthly payments? A Philadelphia refinance may be the right step for you.
A mortgage refinance is the replacement of an existing mortgage with another mortgage under different terms. It can lower your monthly payments, which can add up to significant savings. In addition, doing a cash out refinance be beneficial in the long term. Cash out refinance is where you use the equity in your property to pay off high interest rate loans.
Knowing your current mortgage rates is important. However, understanding what your needs are is important as well. We can keep you informed and help decide when a refinance may be best.
Reasons to consider a Philadelphia mortgage refinance:
- Reduce your monthly mortgage payment: Mortgage rates are still very low. A refinance with Innovative Mortgage Brokers may help you lower payment and possibly save you money.
- Consolidate high interest debt: You could pay off those higher-interest debts by refinancing with a lower rate. Even with less-than-perfect credit, we can help you lower your monthly payment and pay off your higher-interest debt. By consolidating your payments into one low monthly payment, you can pay less each month, lower your debt, and improve your credit score.
- Pay Off Your Mortgage Faster: The shorter the term on your mortgage, the lower your mortgage rate. Did you know that you may be able to take advantage of today’s competitive rates by shortening the term of your loan (which means paying less interest) without a significant change in your monthly payment?
When to Refinance Your Mortgage?
We offer information on a variety of options. When you are ready to take the next step, contact us. We can advise you on which program meets your needs and help you complete the process with minimal hassle.