Refinancing is smart and refinancing with Bank Midwest is even smarter. Check out the benefits below!
Lower your monthly payment
Looking to lower your payment? There are a variety of options that could help you do just that. One way would be to see if you can take advantage of a lower interest rate and refinance your existing loan. Maybe you have a first and second mortgage and combining the two into a single mortgage payment could actually lower what you pay every month. If you have a FHA loan or Private Mortgage Insurance on your current loan, and you have equity in your home, you may be able to eliminate monthly costs by refinancing!
When compared to credit card debt and other short-term financing, your home loan should have the best interest rate and, if you have equity in your home, it is often advantageous to use this low rate and put the value of your home to work to pay off higher interest rates. This could be in the form of a cash out refinance or even a Home Equity Line of Credit.
Get cash from your home
Need to pay for improvements, education or an upcoming event? Using the equity in your home and taking cash out by refinancing your existing loan will put the value of your home to work for you. Another option would be to apply for a Home Equity Loan to get the cash that you need in one lump sum and provide easy monthly payments. A Cash-Out Refinance is available on either a fixed rate or an adjustable rate mortgage. Your Mortgage Banker can provide information about the differences and help you decide which solution best fits your financial needs.
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