Your Home’s Equity May Give You Chance To Save Money Every Month
Tithe Lending is ready to help you refinance your mortgage and save money.
For many homeowners, the equity in our homes is among the largest assets we have. Question is… how do we use a refinance to make that equity work for us?
Refinancing can be simple, fast, and potentially save you HUNDREDS per month and THOUSANDS per year. What else could you do with that money beside overpaying interest on debt?
We just start with one of the two types of refinances below and see how much Tithe could save you!
Refinancing your mortgage can be a great way to lower your interest rate or reduce your monthly housing payments, and often it does not require starting over at 30 years. At our company, we offer the flexibility to structure your new mortgage to a specific length that suits your needs.
Home Equity has increased with rising home values, and a Cash-Out Refinance allows you to access your equity for various needs. Many customers use their equity for home renovations, or even consolidate tens of thousands of dollars in credit card debt. These options can reduce monthly expense outflow or provide fuel for the changes that life brings.
But wait, there’s more!
Home Equity Line of Credit (HELOC)
A HELOC is a type of loan that uses your home’s equity as collateral. With a HELOC, you can access a line of credit to use as you need it, like a credit card. HELOCs are often used for home renovations, debt consolidation, or major expenses like tuition or medical bills. Sounds great! Challenge is the interest rate is not fixed so it moves with the market up or down and the payment can be higher once you run out of interest only payments.
Adjustable Rate Mortgages (ARM’s)
If you’re looking for a lower initial interest rate, an adjustable rate mortgage (ARM) may be a good option. ARMs typically start with a lower rate than fixed-rate loans, and the rate can change over time based on market conditions. It’s important to understand that your monthly payment may increase as interest rates go up.
Get Pre-Approved For Free!
Refinancing can be fast, simple and easy – and we’ll give you customized options for free!