When was the last time you reviewed your mortgage with an expert? Many homeowners don’t bother to revisit their mortgage after they’ve closed on their home, but they could be missing opportunities to adjust their mortgage to align with their financial and homeownership goals.
It just takes one conversation with a loan specialist to gain a better understanding of the possibilities. Your options will vary depending on the type of mortgage you have, your financial situation and your homeownership goals. If you’re a Newrez customer, we might be able to save you money, change your term or get you cash.
Reach out today – a mortgage checkup is quick, easy and won’t cost you anything. Not sure what you can afford? Do the math with one of our mortgage calculators.
You May Be Able to Shorten or Lengthen Your Loan Term
Is your goal to save money over the long haul? Are you aiming to own your home outright as soon as possible? Then you might want to consider shortening your loan term.
Did you know that if you shorten the term of your loan, you could likely save money on interest in the long run? Depending on what kind of mortgage you have, you may be able to decrease the number of months left on your loan by increasing the amount of each payment, thereby decreasing the amount of interest you will pay over the life of the loan.
If, however, you’re more focused on the short term and not the long term, that might be a different story. If you’d like to make smaller payments so you’ve got more cash on a month-to-month basis right now, you may be able to lengthen your loan term to achieve this.
Check in with a Newrez loan consultant to find out what your options are.
Get Cash You Need from Your Home’s Equity
Have you been dreaming of remodeling your kitchen or updating your patio? Are you hoping to pay down credit card debt, or consolidate your debts into something with a potentially lower interest rate? Or are you simply looking for a way to finance your next family vacation? These dreams might be closer than you think, if you’ve built up enough equity in your home.
With Newrez, you can pull cash from your home’s equity for your cash needs. We have two great options:
- Cash-Out Refinance†: If you qualify, this loan replaces your current mortgage with a larger loan amount, which will be given to you in a lump sum to use how you see fit. These types of loans allow you to plan ahead and easily budget.
- Newrez Home Equity Loan††: This unique product enables you to unlock cash without changing your existing mortgage – instead, it exists parallel to your current mortgage. A Newrez loan expert can run you through the details so you can determine which works best for you.
Evaluate if a Refinance is Right for You
Mortgage rates are constantly changing, pushed and pulled by factors like the housing market, the federal funds rate and 10-year treasury bills. (Read this article for more information on what impacts mortgage rates.) If you see an opportunity to refinance at a lower mortgage rate, don’t hesitate to reach out to Newrez.
Be aware that a refinance will cost you in upfront fees. Meet with a Newrez team member to do the math and find out what you could save over the long term.
Align Your Mortgage to Your Goals
Your mortgage and your equity should be working for you. Pick up the phone or reach out online to get more insight from a Newrez loan specialist, and find out how easy it is to put your mortgage on the right track.
