Refinance Pros and Cons

Refinance Today at Record Low Rates

On the day you became a homeowner, you were filled with pride and joy. It’s something you worked very hard to achieve and, under normal circumstances, planned to hold on to for many years to come. But when it becomes difficult to make your mortgage payments in these challenging times, it can be hard to enjoy living in the home you once dreamed of owning. With interest rates at record all-time lows in 2020 and now 2021, and showing no sign of an increase soon, you may finally be able to lower your high-interest rate to a more manageable monthly payment. Nearly 20 million homeowners in the U.S. will refinance their mortgages this year. And the expert loan specialists at NP, Inc., U.S. Mortgage, a nationwide leading mortgage lender for nearly 25 years, are here to help you explore your options and sort it all out. Now is a great time to take advantage of our refinancing products offered at the most competitive rates around.

Lowering Your Monthly Payment Means More Money in Your Pocket

For many people, refinancing is the smart way to lower monthly mortgage payments and possibly take some cash out to pay down debts, fund a home improvement project, or even take a dream vacation. It seems like the perfect answer to stretch your hard-earned cash. And with Covid-19 restrictions easing up, you can even use the extra money at the end of the month to enjoy an overdue night on the town. But even though refinancing your current mortgage offers many advantages, it’s essential to do your research and evaluate both the pros and cons to make sure it’s the right decision for you and your family.

Common Pros to Consider When Refinancing Today:

A lower interest rate leaves you with more cash at the end of the month.
Finance that long-overdue kitchen remodeling project.
Take a well-deserved vacation.
Pay down debts with cash out from your built-up home equity.
Pay for college or graduate school.
Move to a 15-year term and save on interest over the life of the loan.

Common Cons to Consider When Refinancing Today:

Obtaining a lower rate can be challenging with a credit score under 650.
There may be closing costs associated with refinancing.
You may not recoup closing costs for up to five years.
It does not pay to refinance unless it’s at least a 1% savings.
It can be a time-consuming process.
There may be early repayment penalties on your present mortgage.

Learn More about Your Refinancing Options

If you’ve carefully weighed the pros and cons of refinancing, and you’ve decided that your high-interest rate needs some tweaking, then NP, Inc., U.S. Mortgage can help! Our expert loan specialists will connect you with some exceptional home refinancing products at competitive rates. We can even work with you on a refinance that shortens the length of your mortgage. You can count on NP, Inc., U.S. Mortgage to find you the savings! Discover why refinancing your home is a no-hassle, stress-free experience with the dedicated team at NP, Inc. Get started now by visiting our website at usmtg.com.