With home values the highest they’ve been in 45 years, you could take advantage of the equity in your home rather than selling and buying something new.
Perks of Refinancing
In today’s competitive and dynamic housing market, the path of least resistance could be a refinance. Refinancing gives you options. You may be able to capitalize on a lower monthly payment, obtain better terms, get a better interest rate, or turn your equity into cash.
Refinancing Could Eliminate PMI
Private mortgage insurance (PMI) protects the lender if you default on your mortgage. PMI is required if you put less than 20% down on a home purchase with a conventional loan. The good news? Some loans have options to eliminate this expense altogether.
For conventional loans, one of the biggest factors that allow people to get rid of private mortgage insurance is the increase in their home’s value. Many borrowers have likely gained enough equity in their home over the past few years to refinance and remove private mortgage insurance, get a better loan term, and/or lower their monthly payment.
Consider a Cash-Out Refinance
In a cash-out refinance, you get a new mortgage with the difference paid to you. In this scenario, you use your equity toward whatever you want — like a home renovation. If you choose a long-overdue renovation, you may even add value to your home for future resale.
Wyndham Capital: A Lender That Understands
A home is commonly one of the largest financial assets you have, so refinancing should be a personal experience with a trusted partner. With technology working behind the scenes, Wyndham Capital’s team members are better able to fully focus on you. Experienced teams put you first in every decision and keep you informed as you navigate the refinancing process together.
Ready to refinance? Get a rate quote today!