Restructuring Your Mortgage
The mortgage that you have currently does not need to be the same one that you’re dealing with tomorrow. If you deem a change necessary at some point during your mortgage, you can refinance for numerous reasons. In doing so, you can also save money! Today we’re discussing the ins and outs of restructuring your mortgage in order to save money.
It’s important to initially recognize your goal in restructuring your mortgage. The reason for this is that there are different ways to approach it, whether you aim to reduce your monthly costs, or possibly even pay off your mortgage early. In order to pay off your mortgage early, you’ll be paying a little more month to month. Increased monthly payments will allow you to pay less on interest in the long run, while simultaneously expediting the rate at which you complete paying off your mortgage.
The most common method of restructuring is to refinance your loan, where you’ll replace your current mortgage with a new one, possibly at a lower interest rate. Refinancing can be challenging in a tight lending environment, but it is made much easier with a good credit history and steady income.
If restructuring the current terms of your mortgage interests you, speak with your loan officer today!