There are several situations where refinancing might make sense for a homeowner. One of the biggest reasons is to get a lower mortgage rate. With many lenders offering lower interest rates today, refinancing could save a homeowner significant money. Cash-out refinances remain a popular option for homeowners looking to pay off their debts or invest.
Investment properties are gaining in popularity, with many homeowners choosing to refinance for extra cash to buy properties to rent or resell as an additional source of income. Another reason for refinancing is to switch from an adjustable rate to a fixed rate home loan. With the threat of inflation homeowners are seeking not only better but also stable rates. Refinancing is also popular with homeowners who want to consolidate loans, such as a mortgage or home equity line of credit.
Published by Mike Woods. Mike Woods is the broker/owner of msWoods real estate, LLC. Staffed with over 40 agents, msWoods assists buyers in search of Indianapolis real estate. msWoods also helps buyers throughout Central Indiana, including those in search of Fishers homes for sale. In his spare time, Mike Woods blogs on various topics related to the city of Indianapolis Indiana.