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home > Financing > Refinancing

Refinancing means paying off your current loan and getting a new loan. There might be few reasons why you would refinance your existing loan.

Obtain cash

You might be in a situation where you need cash in hand, a situation where a lot of people run into. The cash can be used for medical bills, children’s college education or that vacation that you have been longing for a while. You can obtain this cash if your value of the home is more that the balance of the current loan.

Lower your mortgage payment

Everyone would like to lower their monthly payment. You can do this by getting a new loan with a lower interest rate, maybe even doing an interest loan, which more and more people tend to do because it can lower the payment significantly. Finally, you can switch from a fixed to and ARM rate, which are usually more competitive.

Debt Consolidation

This is pretty much the same as obtaining cash. You can consolidate your debt with one new loan and payoff your credit cards, personal loans, or even your cars. Debt consolidation is a good idea, because the interest rates on your credit cards, car loans and other loans are most likely to have a much higher rate that your new home loan. In addition, the interest that you pay on your home loan is tax deductible where the interest on all the other loans is not.

Rate/Term Refinance

You might be refinancing because you want an adjustable rate instead of a fixed rate, which in most cases will lower the monthly payment. Maybe the rates are so great that you want a fixed rate for more security and you do not have to worry about your interest rate increasing. Some people refinance to change the term of their loan. For example, going from 30 year amortization to 15 year amortization, which increases your monthly payment but helps you pay off the loan much faster and it cost you a lot less money.
Unibell Financial, Inc.
550 S. Wadsworth Blvd., Suite 301  Lakewood, CO 80226
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