REFINANCE

Refinance to Lower Your Monthly Mortgage Payment
Did you know that a percentage drop of just one half to three quarters of a percentage point can lower your mortgage payment?  If you don't refinance, you may be paying too much every month for your loan, and that's never a good financial move.  At Capital Mortgage Solutions, there are three ways that we can lower your payment through a refinance. The first is simply to refinance at a lower interest rate. We can also change the term on your mortgage to lower your payment. Switching from a 15- to a 30-year term can significantly lower your mortgage payment. But, if long-term savings is more appealing to you, refinancing from a 30-year to a 15-year mortgage can save you thousands of dollars over the life of your loan. The third way we can lower your payment is by switching from a traditional mortgage with principal and interest payments to a mortgage program that allows interest only payments.

Refinance to Access Cash
Think of the equity in your home as a savings account that you could access through cash-out refinance. You may want to finance an important home improvement that will increase the value of your home, pay for college or pay off high interest credit card debt. Whatever your reason, this may be the right option for you.  Talk to a Capital Mortgage Solutions loan originator today to setup your cash-out refinance.

Refinance to Pay Off Credit Cards And Other Debt
The difference between credit card debt and a mortgage can, financially speaking, mean thousands of dollars. Why? Credit card debt is compounded where the interest on a mortgage is simple, and often tax deductible. Using the equity in your home rather than credit cards to finance expensive purchases can save you money paid in interest in the long run.  At Capital Mortgage Solutions we can assist you with lowering or even eliminating your credit card debt.

Refinance to Convert An Adjustable Rate Mortgage (ARM) to a Fixed-Rate Mortgage
Use the length of time you plan on being in your home to your best financial advantage. If you only plan on staying in your home for a few years, paying a higher interest rate for a 30-year fixed-rate mortgage may be costing you money. Consider refinancing to an Adjustable Rate Mortgage (ARM) instead, and pay a much lower amount each month. Likewise, if you have an adjustable rate mortgage and will be in your home longer than the initial 3- or 5-year fixed period, it might be a smart move to convert to a fixed-rate loan.