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Is now a right time to refinance your mortgage loan? Well, maybe! According a very popular national bank, Interest rates will continue to remain low in early 2021. Here are some reasons you might want to think about refinancing your mortgage. If you refinance with Anchor Mortgage not only will you be working with a local family owned business but you will get the best refinance rates available. Read on to find out five reasons you might want to refinance your mortgage.
To Remove Private Mortgage Insurance (PMI)
Did you purchase your home with an FHA, USDA, or other mortgage loan where you have to pay mortgage insurance (aka PMI or primary mortgage insurance)? Home prices in Charleston and all over the Carolina’s have increased dramatically in the last few years. There is a good chance that you have more than 20% equity in your home if you have owned it for a few years. That equity will give you the opportunity to refinance into a conventional mortgage and remove your mortgage insurance. In some instances, this could mean hundreds of dollars a month saved.
To Purchase an Investment or Vacation Home
If you have a decent amount of equity in your home, a cash-out refinance could help you purchase a second home or an investment (Airbnb, vbro) property. You can use the funds for the down payment on another property. Coastal South Carolina is extremely popular and affordable right now for a second home.
To Consolidate Your Debt or Loans into One Lower Payment
With low mortgage interest rates and higher home values, you have the opportunity to do a cash-out refinance. You can utilize that money to pay off of your debts, loans, credit cards, car payments, and make one monthly payment with a low interest rate.
To increase your home value with Renovations, Additions, or Improvements
If your home is in need of some TLC but you do not have the cash to perform the renovations you can use your homes equity to pay for the renovations upfront. You can then add value to your home as well as enjoy the renovations.
Also, with more Americans working from home due to the unexpected changes brought about by COVID-19 pandemic, finishing a basement or adding a home office to increase the livable space in your home area might be a great reason to refinance.
Anchor Mortgage has low refinance rates throughout the Carolina’s. To learn if refinancing is right for you, contact us today. Dante Campanelli expert loan officer with Anchor Mortgage in Charleston, South Carolina will give you expert advice on cash out refinances, standard refinances, streamline refinances, and more. He can be reached directly at 843-367-9900 or Dante@anchormortgagellc.com