Special article brought to you by Wasatch Peaks Credit Union
Are you looking for ways to simplify your finances or save money as part of your resolution for 2021? Whether you want to consolidate your loans or refinance your mortgage, great rates and a variety of options to fit your needs make it the perfect time to get started for the new year!
REFINANCING YOUR MORTGAGE
Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out another mortgage that replaces the existing loan. A major reason that people refinance their mortgage is to take advantage of a lower interest rate. Current mortgage rates make it a great time to refinance and save! Refinancing your mortgage can be a great opportunity to adjust the terms of your mortgage, lower your payment, build equity in your home, and save money!
A cash-out refinance allows you to access extra funds by using your home equity. By taking out a larger mortgage on your home, you can then pocket the difference between your current existing mortgage and the new, larger mortgage. These funds can then be used for whatever you need them for, including consolidating debts, paying back loans, or even home renovations.
HOME EQUITY LOAN
A home equity loan is another way that you can take advantage of the equity you have in your home. This is a one-time loan, also known as a lump-sum loan, that will allow you to borrow funds that use your home equity as collateral. These funds can also be used to finance large expenses like debt consolidation, remodels, or even vacations.
HOME EQUITY LINE OF CREDIT
A home equity line of credit is a more flexible way to utilize your home equity. This is a revolving line of credit that offers both fixed and variable interest rates. This option provides funds where and when you need them, as you can access funds up to a set limit throughout the withdrawal period. Whether you’re wanting to finance college tuition or a new home project, this is a great way to access extra funds, especially if you aren’t sure of the budget upfront.
With Wasatch Peaks, you can enjoy low rates and take advantage of your home equity! To learn more about a mortgage refinance so you can do more of what you want to do, reach out to our Wasatch Peaks mortgage specialists! Get started by contacting our specialists at 801-614-7959 or by visiting your local Wasatch Peaks branch.