switching loan types
Don’t get stuck in a loan that doesn’t fit.
what's the benefit of switching loan types?
Loans aren’t one size-fits-all, and the benefits will vary widely based on your individual situation. But to get you thinking, here are a few examples:
- Say you’re flush with cash from a new raise and want to pay off your mortgage faster. You could pay down more of your existing loan, or you could refinance to a shorter term with a lower interest rate and save money while you’re at it.
- On the other hand, if your home has lost value, and now you’re stuck with a loan amount larger than what your home is worth. Switching to a HARP loan could help reduce your monthly payments.
- Maybe you didn’t qualify for a VA loan when you first purchased your house, and now you do. VA loans come with benefits that could definitely be worth switching for.
- Or perhaps you’ve decided you want to stay in a house you financed with an ARM. Changing to a fixed rate mortgage can help you avoid the interest rate spikes that come after your introductory period.
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