<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1955936548054264&amp;ev=PageView&amp;noscript=1">
All Posts

Have you thought about refinancing but didn’t know if it made sense? Or you just didn’t know where to start?  

Don’t leave money on the table! First, figure out your goals for refinancing so you can find the best option to ultimately save you time and money.

The most popular reason to refinance: The #1 reason people refinance is to lock in a lower interest rate. Why? This can potentially save you hundreds to thousands off your total loan payment!

But you may not realize there are other great reasons. Here’s the top three that every homeowner should know:

1. Removing Private Mortgage Insurance (PMI).

House values have risen dramatically over the past few years. If your original down payment was less than 20%, you’re probably paying PMI. Your home could now have enough equity to refinance and remove your monthly PMI payments which could save you a lot of money! The appraisal for your refinance loan will serve as validation of the current value—and if your loan amount is 80% or less of the current appraised value, PMI should be dropped.

2. Reducing your loan term from a 30-year to a 15-year.

If you’re looking to change your loan term from a 30-year to a 15-year loan, you’ll pay less interest over time which ultimately allows you to save money and build wealth. This is a great option for homeowners looking toward debt-free homeownership.

3. Switching your loan type.

  • Moving from an FHA to a Conventional Loan: If you’re a first-time homeowner your current mortgage may be with the FHA. Paying premiums for mortgage insurance and other costs are common with this type of loan. As home values continue to rise, it may be a good time for you to look at switching from your FHA loan to a conventional loan program.
  • Moving from an ARM to a Conventional Loan: If you currently have an Adjustable Rate Mortgage (ARM) or other loan type and you’re looking to switch to a fixed-rate loan, a conventional loan might also be right for you. With this type of loan program, you may be able to take advantage of other refinancing options to assist you with renovations or upgrades to build additional equity in your home. 

Just remember to align your mortgage with your goals. It’s important to see if you can benefit from one of these refinancing reasons. Refinancing can be a vital step in paying off your loan early and ultimately becoming debt-free.

Connect with a Mortgage Expert!

Please Enter a Name
Please Enter a Last Name
Please Enter a Valid Email Address
Please Select a State
Please Enter a Valid Phone Number

Thank You!

We have received your request, and are matching you with a Home Loan Specialist. You will hear from us shortly!

You can also get in contact with us at 888-562-6200.

By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Connect with a Mortgage Expert!

With so much of your hard-earned money on the line, seek advice from a trusted home loan expert and have the confidence that you are in qualified hands.

social proof logos

Related Posts

The Best Solutions for Home Organization

Many people have a love/hate relationship with organizing their homes. You know you need to do it and you...
Churchill Mortgage Jan 11, 2022 11:32:17 AM

Doing What's Right For You

From the day you graduate to the birth of your first grandchild, there are certain moments in life that a...
Churchill Mortgage Dec 27, 2021 4:55:30 PM

The Best Days to Buy a House

There are many ways to maximize your money during the home buying process. One of those ways is figuring ...
Churchill Mortgage Dec 13, 2021 2:41:52 PM