There are many types of home loans and timing is everything when it comes to real estate and financing. With home prices and home mortgage rates still so low, there’s never been a better time to refinance your current loan, purchase a second home or explore first time home ownership.
If you’re like most people, purchasing a home is probably one of the biggest investments you’ll ever make in your lifetime. If you’re considering buying a home in Louisville, Kentucky, you’re likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it’s important to prepare as best you can.
A refinance in Louisville, Kentucky can lower your interest rate, monthly payment or get you out of an adjustable, higher risk loan program into one that is more secure. If Kentucky rates for a mortgage have dropped since you last financed your home, you may want to consider a refinance of your loan. Other common reasons to pursue a Refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out). A few reasons for a Cash-out Refinance include: home improvement, an education fund, and consolidating debt.
Another way to convert equity in your home to cash is a “home equity” loan. A “home equity” refinance loan is an alternative to refinancing if your home loan has a very low rate compared to current Refi Mortgage rates or if you have a prepayment penalty on your loan.
Ready to apply for your home loan?
Questions about our services?