Refinancing home loan for investment property has become a very hot topic in the lending field, and with good reason. Most homeowners have realized the double good fortune of an increase in the value of their home at the same time that interest rates have come down. Those two things combined make this the ideal time to look into home equity loan refinancing.
How Can Home Equity Loan Refinancing Put Money in Your Pocket and Cut Your Tax Bill?
Equity is the difference between what you owe on your existing mortgage and the current market value of your home. If you have had your mortgage for very long, the difference can be staggering. The equity that you have in your house represents cash that you could spend for medical emergencies, college tuition, a wedding, home repair, or any number of other needs. The fastest and easiest way to get your hands on that equity cash is through home equity loan refinancing. In a nutshell, refinancing home loan for investment property simply means replacing your existing home loan with a new home loan. When does replacing one loan with another make the most sense? The rule of thumb is if you can save at least 2% on your mortgage rate and you plan to live in your home for at least three years, then home equity loan refinancing could be right for you. And remember, the interest you pay on your home equity loan refinancing is tax deductible, so Uncle Sam will even help pay to put cash in your pocket.
How to Make Lenders Compete for Your Next Refinance Home Loan?
Refinance home loans can be an excellent way to bring down your monthly mortgage payment, raise cash, or consolidate debts with high interest rates.
There has never been a better time to get a refinancing home loan for investment property with the lowest rates in 40 years.
You really can make mortgage lenders compete for your next loan. There is a free service that takes only 5 minutes and doesn’t require an initial credit check. All you do is fill out a simple form about the type of mortgage loan you are seeking and while you are still online you see the names of up to 4 major lenders competing for your business. It’s pretty neat, and the best part is there is no obligation or cost.