What's the benefit of switching loan types?
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 your 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.
Why choose Total Mortgage?
We’re awesome at what we do, and all we do is mortgages. Here are some things you can count on:
- We have some of the lowest interest rates in the country, which can save you plenty when you’re paying back your loan.
- We don’t penalize you for paying off your loan early..
- We’ll walk you through the mortgage process, so you’re not left with unanswered questions.