Refinancing can seem like an out-of-reach dream, a headache, or too much trouble. When the reality is that refinancing your home could help put money back into your pockets and prevent budgeting headaches.
If you are considering refinancing your home, consider a few factors:
- How long you plan on living in your current home?
- What are the current interest rates?
- How long will it take you to save for closing costs?
One of the main reasons people decide to refinance their homes is the ability to lower their interest rate (APR), which could save them more money each month to put towards other necessities. This could be exciting to some looking to make another commitment in their lives, such as having children or purchasing a new vehicle. If you lower your refinance rate by 1%, then it is valuable to do so.
Another reason someone may want to refinance is to reduce the life of their loan. Refinancing can decrease the number of months you would need to pay off your home. This could lead to a higher APR percentage, but if you have the funds to shorten it, it could help you pay off your home sooner. This would change your 30-year term to a 15-year term, with changes to the APR rate as well.
If you are looking or interested in what Unison can offer you, check out our rates or speak with a Member Advisor today to begin the process!