Save More Time & Money Refinancing Your AZ Home. Call Local Arizona Mortgage Expert Steve Bernstein Today To Save! (480) 424-7144

Refinancing Your AZ Mortgage

There are numerous reasons for refinancing your existing AZ mortgage, including: lowering your monthly mortgage payment, taking cash out, consolidating debt, or paying off your mortgage loan quicker. Below is a brief explanation for each of these refinance savings strategies:

Lower Your Monthly Mortgage Payment

One of the best reasons to refinance your mortgage is to procur
e a lower mortgage rate, and/or a lower your monthly mortgage payment. If this is your refinance objective, a standard 30 year fixed rate loan may be your best refinance option. If you expect to sell your home in the next 3 to 7 years, you might also want to consider a Hybrid ARM, (3/1, 5/1, 7/1) that will lower your interest rate & monthly mortgage paymenteven more.

Cash Out Refinance

A cash out refinance can be a good refinance option if you want to recapture some of your home equity. Cash out refinance loans can be used to pay off debt, make some home improvements, or use the cash out for a higher and better use. Most homeowners only take cash out up to 80% of their AZ property value. That way there is no monthly mortgage insurance.

Consolidate Debt

Another reason many AZ homeowners pull cash out of their home, is to use the cash out to pay off higher interest rate, non-tax deductible debt. For example, a homeowner with a strong equity position, might decide to consolidate a car payment, credit cards, and other small revolving or installment debts, into one cash out refinance mortgage. This accomplishes a few things: 1) A borrower only has to make one payment per month, 2) The overall cost of interest decreases, as tax deductible mortgage interest is typically far less expensive than the interest rates paid for car loans, personal loans, credit card debt, etc. 3) One mortgage payment usually results in a lower monthly payment, and better monthly cash flow, than the existing combined debt payments. 4) The monthly savings accrued by consolidating debt can then be applied to principal reduction payments, resulting in a quicker mortgage loan payoff.

Pay Off Your Mortgage Faster

Many AZ homeowners also dream of paying off their mortgage faster. If this is your plan, we have many short term mortgage loans that result in more money going to reducing your principal, and less money paid for mortgage interest. For example our 10,15, 20 and 25 year loans can help you pay off your mortgage faster, as these loans amortize faster. Give us a call today to discuss your current mortgage loan, versus a 10 to 25 year equity builder loan. We probably can help you save thousands of dollars in mortgage interest payments over the term of your loan! 

Call Local AZ Mortgage Expert Steve Bernstein Today For Low Mortgage Rates, Low Mortgage Costs & Professional Mortgage Advice! 
(480) 424-7144, or View Today's Mortgage Rates and then fill out our online mortgage application below.

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