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The advantage of refinancing a mortgage or other type of loan is that it can lower the monthly payments owed on the loan either by changing the loan to a lower interest rate, or extend the period of the loan, so as to spread the re-payment out over a longer period of time. The money saved can be used to pay down the principal of the loan, thus further reducing payments. Alternately, refinancing can be used to transform available equity in one's house into ready cash, available for consolidating credit or other expenses into an affordable payment.Interest rates on adjustable-rate loans and mortgages shift up and down because of the rates set by the banks. Fix That A.R.M. is able to refinance an adjustable-rate mortgage into a fixed-rate loan, reducing the risk of interest rates increasing dramatically. This will ensure you get a steady interest rate over a limited time. This is an ideal way to use the adjustable rate mortgage as an excellent short term financial tool. |
Michael Jett Cell: (818) 422-2040 Office: (818) 432-3200 x5301 |
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