5 reasons why someone might choose to refinance their commercial or residential real estate
Will Walker
International Investor & Builder | Commercial & Residential Lender (US) | Performance Coach
Lower Interest Rates: Refinancing allows you to take advantage of lower interest rates, which can help reduce your monthly mortgage payments and save you money over the long term.
Access to Equity: If your property has increased in value since you purchased it, refinancing can provide an opportunity to tap into that equity. You can use the funds for various purposes, such as home improvements, debt consolidation, or investments.
Change in Loan Term: Refinancing allows you to change the duration of your loan. For example, you may want to switch from a 30-year mortgage to a 15-year mortgage to pay off your debt faster or vice versa to reduce your monthly payments.
Debt Consolidation: If you have multiple debts, such as credit card debt or personal loans, refinancing can enable you to consolidate those debts into your mortgage. This can simplify your finances and potentially lower your overall interest rate.
Change in Loan Type: Refinancing provides an opportunity to change the type of loan you have. For instance, you might want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM) for greater stability and predictability in your monthly payments.
Will Walker, Managing Partner
Business Capital Firm
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