Kick off the New Year with a new mortgage.
The Holiday season is marked by warm get-togethers, seasonal cheer, and of course, shopping. Savvy shoppers are always on the lookout for a great deal on big name electronics, the must-have toy of the season, and various gifts that signify just how much we are thinking of our loved ones.
But don't forget about doing something for yourself, and refinancing your Long Island home for the holidays may be the perfect gift.
With the chaos of the season, it might not seem like the optimum time to sit with a loan specialist, to comb through paperwork, and to schedule a closing. However, consider these benefits:
- • When you refinance, you will start mortgage payments a month after you close. You will still have to make payments according to the terms of your loan: 15 or 30 years, etc. But you will have a month’s reprieve before you start making those payments.
- • For those looking for a good deal, a refinance could possibly save you in the thousands. If the current interest rate (now at a steady low) is significantly lower than the interest rate you got on your first mortgage, your payment will lower each month and could add up significantly.
- • A cash-out refinance allows you to lower the interest rate on your loan, while accessing cash based on the equity of your home to use to invest, to pay off high-interest credit card bills, to eliminate a car loan or other debt.
Refinancing can be a powerful tool in your financial arsenal. It doesn't hurt to think about your options, like using a CEMA mortgage in New York, to refinance. So when the holiday season approaches, consider refinancing as a way to help alleviate some of your financial woes.
Find out How to Qualify for a Mortgage Refinance.