Interested in Your Own Personally Branded Magazine? Click Here!

Want to customize this content for your business?

Learn More

Categories

  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining

  • Printables
  • Videos


General

  • About the Magazine
  • Advertise
  • Copyright
  • Privacy Policy
  • Cookie Policy
  • Careers


Editorial

  • Editorial Calendar
  • Issue Archive
  • Contact Us
  • Pitch an Idea

American Lifestyle Magazine Logo
  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining
  • Search
  • Follow
  • 0 Heart
  • |
  • Food & Recipes Categories
    • All Recipes (761)
    • Appetizers (138)
    • Breakfast (62)
    • Cooking Tips (42)
    • Desserts (219)
    • Dinner (229)
    • Drinks (59)
    • Gluten Free (9)
    • Healthy (65)
    • Lunch (6)
    • Quick & Easy (60)
    • Vegan (32)
    • Vegetarian (48)
Desserts | Dec 22, 2022

Dark Chocolate Peppermint Crinkle Cookies

  • Holiday & Entertaining Categories
    • Celebrate (2)
    • Christmas (81)
    • Easter (14)
    • Entertaining (40)
    • Fall (9)
    • Father’s Day (6)
    • Halloween (29)
    • Hanukkah (17)
    • July 4th (34)
    • Mother’s Day (8)
    • New Year’s (22)
    • St. Patrick's Day (11)
    • Thanksgiving (36)
    • Valentine’s Day (5)
    • Winter (11)
Family & Pets | Dec 14, 2022

Customize Your New Year’s Eve Celebration

  • Decor Categories
    • Crafts & DIY Projects (273)
    • Curb Appeal (5)
    • Decorate (72)
    • Interior Design (85)
Interior Design | Feb 1, 2023

Houston, We Have a Rebuild

Decorate | Jan 19, 2023

Elegant Decor for Any Budget

Interior Design | Jan 12, 2023

Finding Art for Your Home

  • Real Estate Categories
    • Buying & Selling (203)
    • Home Trends (23)
    • Staging (20)
    • Your First House (34)
Decor | Nov 14, 2022

Design Trends to Follow in 2023

Real Estate | Sep 23, 2022

How to Shop for a Home Loan

Real Estate | Sep 21, 2022

Tips for Preventing Homeowner Identity Fraud

  • Life & Culture Categories
    • Editorial (311)
    • Family & Pets (202)
    • Finances (32)
    • Health (159)
    • Travel (249)
Editorial | Feb 3, 2023

Block Party

Travel | Jan 18, 2023

Winter Vacation Destinations

Finances | Dec 23, 2022

A Look Back at Inflation in 2022

  • Home Categories
    • Cleaning (43)
    • Organizing (48)
    • Home Improvement (124)
    • Outdoors & Gardening (87)
Home Improvement | Jan 18, 2023

4-Week Home-Improvement Challenge

Home Improvement | Jan 6, 2023

Value-Adding Winter Home Improvements

Decor | Nov 14, 2022

Design Trends to Follow in 2023

Follow us on social media today!

Facebook Twitter LinkedIn

Is Now the Time to Refinance Your Mortgage?

Buying & Selling | By Alexa Bricker | 0 Likes
SHARE
Facebook Twitter LinkedIn More

If you own a home, one of the options to help reduce your monthly payments and save money is to refinance your mortgage. And with this ever-changing market, refinancing is certainly something to consider. This process won’t be for everyone, but it’s a good first step if you’re looking to save a little bit of money.

laptop on desk Ask for help.

Once you’ve decided to look into refinancing your home loan, a good first step is to work with a real estate agent who can help you navigate the ins and outs of the process. There are a lot of different types of loans and methods for refinancing (which are touched on below). But an industry expert is the best place to turn for questions. An agent can also help you determine how much your home is worth on the current market—a determining factor in whether or not a refinance could bring you valuable equity.

The purpose of refinancing.

Refinancing can help you accomplish a variety of different things, including lowering your monthly payment, lowering your interest rate, paying off your loan more quickly, acquiring more equity, or a combination of these. Depending on what you’re trying to accomplish, you can find the best loan for your particular situation.

hand holding hundred dollar billsThe different types of loans.

When you refinance your home loan, you are simply replacing your current loan with a new one. Homeowners have a few different options when it comes to refinancing:

Rate-and-term refinancing

This option allows you to change your mortgage rate (the percentage you pay per month) and the term of your loan (the length of time for payment). For example, if your current mortgage rate is 3 percent over 30 years, you could refinance for a mortgage rate of 5 percent over 15 years.

Cash-in refinancing

If you have the cash and are looking to potentially lower your mortgage rate or lower your insurance premium, this could be the option for you. Cash-in refinancing requires you to pay down your current loan in cash with your lender, ultimately lowering your monthly payment.

Cash-out refinancing

This option puts more risk on lenders and typically requires a more stringent approval process for homeowners. However, it could be an option for those looking to decrease the term of their loan. Although this option will increase the amount homeowners owe on their loan, it can be helpful for consolidation when multiple mortgages are taken out.

people discussing at a desk with laptopsDo your research.

Know that when it comes to refinancing, you have options and resources at your disposal to help you. You don’t have to make the decision today, or even tomorrow, but if you are curious about the benefits of refinancing, it is always worth it to do your research and see if there is an option that best fits your current financial situation.

22141 Views

This article is tagged in:

FinanceFinancial AdviceHome AdviceHome BuyingHome LoanReal EstateReal Estate AgentRefinancing

Related Posts

Life & Culture | Dec 23, 2022

A Look Back at Inflation in 2022

Life & Culture | Nov 30, 2022

Banks vs. Credit Unions: What’s the Difference?

Real Estate | Sep 23, 2022

How to Shop for a Home Loan

Real Estate | Sep 21, 2022

Tips for Preventing Homeowner Identity Fraud

Real Estate | Sep 19, 2022

Are Open Houses Worth It?

Popular Posts

can-planters-card
Decor | Mar 25, 2020

Make Your Own Can Planters

Home | Jul 8, 2021

Tips for Redesigning Your Patio Space

Life & Culture | Feb 17, 2020

Trash vs. Recycle: Do You Know When to Trash it?

spring-cleaning-countdown
Home | Mar 23, 2021

Spring-Cleaning Countdown

Real Estate | Dec 14, 2017

House Selling Checklist

You may also like:

can-planters-card
Crafts & DIY Projects | Mar 25, 2020

Make Your Own Can Planters

Outdoors & Gardening | Jul 8, 2021

Tips for Redesigning Your Patio Space

Health | Feb 17, 2020

Trash vs. Recycle: Do You Know When to Trash it?

spring-cleaning-countdown
Cleaning | Mar 23, 2021

Spring-Cleaning Countdown

Buying & Selling | Dec 14, 2017

House Selling Checklist

home office with white furniture
Health | Mar 30, 2020

Everyone Is Working From Home—Here’s How to Do It Effectively

decorating-basics
Interior Design | Jun 9, 2020

These Tips Are Your North Star For Home Decorating

Share on Social Media

Our mission is to deliver entertainment that inspires and motivates our readers, encouraging them to follow their passions as they explore new horizons.

© 2023 American Lifestyle Magazine

General
  • About the Magazine
  • Advertise
  • Copyright
  • Privacy Policy
  • Cookie Policy
  • Careers
Editorial
  • Editorial Calendar
  • Issue Archive
  • Contact Us
  • Pitch an Idea
Categories
  • Home
  • Decor
  • Real Estate
  • Life & Culture
  • Food & Recipes
  • Holiday & Entertaining
Follow Us
Facebook Pinterest Instagram Youtube

Customize this content for your business!

Learn More

,