Today, many of us have more irons in the fire then we know what to do with.  Between work, life and everything else in between we sometimes forget to look for opportunities to change. For many, we buy our homes thinking this will be our forever home, or we can maybe change this or that down the road. Too often, those projects take longer than we had hoped, or may not start at all.

Our homes can do so many things for us beyond where we lay our head at night. They can be anchor to help you achieve those things you always wanted, or hoped to have. Maybe you have been in your home for a few months, years or decades. Why would you want to refinance your home now?  The simplest answer is often the best.  Your home can make it easy!

Here are some of the reasons we see members refinance their homes:

• To get a lower interest rate! It sound obvious, but many individuals assume that their rate is the best they may ever get. In today’s economy, we have many ways that we can find a rate that is not only competitive, but also can save you money.
• To use the equity! Your home is a powerful tool, and when you have equity in your home you can use that equity for a wide variety of things. We have had members consolidate debt, purchase cars, remodel their homes and take vacations! All because the cost of using their home, was significantly cheaper than using another loan or credit product.
• To eliminate mortgage insurance! Many individuals needed to use mortgage insurance to qualify for their home. The great thing is, many homes appreciate or go up in value over time.  By completing a refinance of your home, you can often use that value as a way to lower the loan to value and look to eliminate mortgage insurance.
• To reduce your payments! From time to time we have members who may come across additional money or inheritance. Often times, they will want to take those funds and pay down on their principal of their mortgage.  Because sometimes they cannot pay it all the way off, they may look at refinancing their loan as a way to reduce the monthly payment and terms.  This is a great way to find extra money each month to put towards retirement or savings.

All of these reasons are great ways to use your home and take advantage of a refinance program.  Even better, SouthPoint Home Mortgage has programs with no closing costs making the affordability even greater.