Does it make sense to refinance your existing mortgage at a lower rate and better terms? Potential benefits:
- Reduce your payment and improve your monthly cash flow with a lower interest rate.
- Pay off your loan faster with the same monthly payment.
- Save money on interest costs over the life of your mortgage.
- Convert to a fixed rate.
- Obtain an Adjustable Rate Mortgage (ARM) with better terms.
- Qualify for a lower rate or better terms if your credit score has improved.
- Combine a primary mortgage and a second mortgage into one loan with a lower monthly payment.
- Get cash out from the equity built up in your home.
- Fund home improvements, education expenses or a major purchase.
I used Westport Mortgage for my original home purchase, so it made perfect sense to use them when I chose to refinance.
The staff at Westport Mortgage is professional, knowledgeable and promptly answers any questions throughout the process. They provide simple-to-read quotes with several loan scenarios, so you can make the best choice for a loan that fits your needs. Westport Mortgage was even able to secure us a lower interest rate than we thought possible — plus no money out of pocket.
I would recommend you have Westport Mortgage review your lending needs, and I am quite certain you will be just as satisfied with the results.
– Clyde Armstrong
Refinancing is similar to the process of obtaining your original mortgage, except that loan options and lender requirements may be somewhat different because market conditions have changed in the past few years.
Call 203-221-8282. We’ll show you the options available in today’s market.
Federal Reserve Board paper: Consumer’s Guide to Mortgage Refinancings.