Could Refinancing Your Home Create Monthly Income For You?
Refinancing your home might not be on the top of your to-do list. Like most people, you’re probably living your life, busy with the kids in school, and getting ready for the holidays.
However, if you’ve been making your mortgage payments for 5 – 10 years or more, reviewing your documents might end up saving, or even making you a decent chunk of change.
Maybe you’ve been using a high interest credit card to meet your current expenses. Some extra cash will not only allow you to stop using the card, but possibly even pay off the debt and save on future interest.
Or, maybe you’ve always wanted to invest in a rental property for extra cash flow. You might have enough equity in your home to pay the down payment for the rental property.
In fact, that’s exactly what we helped someone do.
An Extra $1200 Per Month
Recently, we helped one of our clients with a refinance. With the money that they were able to pull out of their home, they invested into two separate rental properties.
Each of those properties now generate an extra $600 per month for them. That’s an additional $1200 in monthly income that was simply sitting in their house.
And this is on top of reducing their interest rate, and shortening their loan!
While this might not be the case for everyone, with success stories like this, it’s at least worth taking a look.
How It Works
All it takes is a quick checkup of your home loan, and you’ll have all the information you need to decide if a refinance makes sense for you. You might find different areas of potential savings, including:
- Your current interest rates, payments and terms
- Possible reduced rates and terms
- Potential refinance savings
We can help you with an overall review of your mortgage documents, and help you identify different ways to make some money.
Why Now Is A Great Time
With all the laws and regulations that have been changing in the mortgage industry recently, now might be a great time for you to consider a refinance.
In fact, if you’re a business owner, the time to obtain a mortgage or refinance has never been better. You can qualify for a loan with a simple bank statement.
As it gets colder out, now is a great time to go inside and take a look at those mortgage documents. You can potentially lower your rates, reduce your mortgage, or even pull money out to invest in other properties.
Wouldn’t you like to know if an extra $1200 per month is sitting in your house?
Give us a call today for a FREE home loan checkup. We will guide you through the entire process and help you decide if refinancing is right for you.