When you obtained your original mortgage, you hoped that it would serve your needs over the lifetime of your loan. While that does sometimes happen, it is common to need to refinance your mortgage. Circumstances can change, as can mortgage rates. It could be that there is another home loan today which would better serve your needs.
If a refinance on your mortgage is in order, you could look forward to these immediate benefits:
You could pay a lower mortgage rate going forward.
You could extend or reduce your loan term as needed.
The terms of your mortgage could be more favorable and affordable overall.
You could increase stability and liquidity in your finances every month.
Over your remaining mortgage term, you could save thousands of dollars.
While there are a variety of circumstances which could call for a home loan refinance, here are some where we recommend that you think about it:
Are mortgage rates today lower on average than those that you are paying? Refinancing may help you reduce your rates.
Is your credit score higher today than it was when you first began paying on your home loan? What about your DTI ratio? Has that gone down? Either or both could qualify you for a more competitive mortgage.
Are your bills a struggle to pay? If you refinance your mortgage to extend your term, the monthly amount you will need to pay will be lower than it is now.
Could you pay off your mortgage early—but are not sure you should because of prepayment penalties? Try refinancing to a shorter mortgage term or to a home loan that does not include those penalties.
Are you going to be staying in your home for longer then you believed when you took out your existing loan? If that caused you to choose an adjustable mortgage rate and you would prefer a fixed rate now, refinancing can bring renewed stability and peace of mind.
Will you be moving out of your home within a few years? Refinancing to an adjustable mortgage rate with a low introductory rate could be a wise decision. It could help you to save money for your eventual move.
Still paying for private mortgage insurance, but think you might be eligible for a loan that does not require that you do so? It might be possible with a refinance to quit paying for PMI.
What Our Clients Are Saying
Don’t keep paying more on your mortgage then you need to. If you are wondering if it is possible to save money on your home loan by refinancing today, we can help you figure that out. If the answer is “yes,” we can then walk you through the application steps. To schedule your refinance consultation in Kentucky today, please call 502-238-9655.
First Savings Bank Louisville is located on 295 N Hubbards Ln #302, Louisville. From Louisville International Airport (SDF) head southwest on Terminal Dr and take the ramp onto I-264 E. Then use the right 2 lanes to take exit 21 for KY-1447 W and use any lane to turn left onto KY-1447/Westport Rd. Finally, turn left onto Castleview Dr, turn right and First Savings Bank Louisville will be on your left.
Monday through Friday 8:30AM–5PM.
For additional questions you can call us at (502) 238-9655 or you can find us on Superpages.
First Savings Bank Louisville NMLS ID: 411341 is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.