Did you buy a house when the interest rates were high? Or did you buy a house when your credit score was low? Maybe you purchased a home under terms that don’t work for you anymore. No matter which of these sounds like you, it might be time to consider a LoanDepot refinance.
When you refinance your home, you have the chance to change absolutely everything about your mortgage agreement. Of course, you’ll be refinancing for the amount still owed on your home. Still, you may be able to get a lower interest rate based on several different factors.
Mortgage interest rates change over time, and the interest rate may have dropped since you got your mortgage. If that’s the case, refinancing your home with most of the same terms (such as the amount of the mortgage, the length of time left to pay it, or the monthly payments) but changing the interest rate could have a drastic impact on your debt.
Lowering your interest rate could allow you to shorten the amount of time that it will take for you to pay your mortgage. Or you could choose to lower your monthly payments while keeping the length of the mortgage the same. That gives you more money to spend on the things you and your family may need.
LoanDepot Refinance for Improved Credit
These options could also be possible if your credit has greatly improved since you purchased your home. If you started with poor credit but managed to get higher credit, you will definitely see a difference in your rates. With a LoanDepot refinance, you could see a significant shift in the monthly payments you’re making or in some of the other terms of your mortgage.
On the other hand, you could refinance your home to get additional money that can be used to consolidate your debt or for anything else that you might need. Getting money through your refinance process will undoubtedly help you with other expenses that you might have, and you still might be able to get more favorable terms on your mortgage.
A home refinance can be done quickly and easily. All you need to do is fill out the paperwork, which you can do entirely online. Then, you sit back and wait to get an answer and set up your new mortgage.
Suppose you’re unsure whether you would see the benefits of a LoanDepot refinance. In that case, you can always talk with an advisor to find out more about your options. All you need to do is look at LoanDepot and what our services can do for you.