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Reasons to Refi

The experts at Harper Financial give you five reasons to refinance your mortgage now.

  1. Lock in that rate! If your adjustable rate mortgage payment is increasing (insert cries of horror here), refinancing is a must. Adjustable rate mortgages (ARMs) are often a good and cost-effective short-term solution but never one you want to be subjected to for the long haul. Rising rates and their corresponding rising payments can atrophy your financial status and, in turn, greatly destabilize your financial solvency. Refinance now into a fixed-rate loan so you can get on a fixed budget and actually plan for your future.
  2. Mortgage rates are still at a record low. If your current interest rate is higher than today’s rate, what are you waiting for? As long as your current loan does not have a pre-payment penalty and you qualify for a good loan without excessive closing costs, there is no time like the present to get settled in a new loan. Whether it’s a 30- or even a 15-year, a lower rate will ultimately save you tens of thousands of dollars — if not more.
  3. Pay off debt faster. Tired of all those bills – and all those APRs piling up month after month? Consider refinancing your current home loan to free up some money you can use to consolidate your monthly debt like credit cars and car loans. One payment a great rate and no more bills? Yes, please!
  4. Cash out. If you’ve got equity in your home, you can refinance your loan and use that equity for anything from college tuition to home improvements to that long-awaited vacation. Though we don’t recommend the latter be your main reason to refinance, a one-time chunk of money can definitely do wonders for life’s little (and big) to-dos.

Now, even though we’ve given you four compelling reasons to refinance, we urge you to sit down with us first to go over in detail whether a refi is right for you. We’ll do a comprehensive need assessment and work with you to determine not only if it’s a good time for you to refinance but also which loans will work best for your short-term and long-term goals.