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December 9, 2021
If you’ve been considering refinancing your home mortgage, or even if you haven’t yet thought about it, this holiday season is the perfect time to make your move. Not only will you save money on your monthly payment, but by refinancing with Newrez you will also be helping provide for underprivileged communities. Since this time of year is all about spreading good fortune and cheer to those around you, what better way to celebrate?
You may be saying to yourself “this sounds great, but how does it work?”. Well, it’s simple. For every loan that is locked during the month of December, Newrez will be donating $20 to Toys for Tots, The National Coalition for the Homeless, and Feeding America. Refinancing always has the potential to benefit you financially but choosing to do it now rather than later provides you with the valuable opportunity to share your benefits with someone else.
If you’ve been considering refinancing, you might already know some of the benefits. Let’s break down what you may be able to gain from refinancing, in any season:
When it comes to refinances, there are more than one type, and one of these is a cash-out refinance. A cash-out refinance allows you to tap into the equity that you’ve built up in your home. Equity is the difference between the value of the property and the balance on the mortgage. You can access this equity by replacing your current mortgage with a new one for a larger amount through a cash-out refinance, pocketing the difference minus closing costs. You can then use this cash however you like. Extra cash is never a bad thing, but it can be especially valuable during holiday season.
If this is your goal, it can be accomplished by shortening the term of your loan through a refinance. When you refinance to a shorter term, the number of years in which you will need to make payments decreases. Since you’re paying your loan off in less time, you will ultimately pay less in total interest.
Conversely if you extend the term of your loan, you can lower your monthly payment. Since you will be spreading your payments out over a longer period of time, each individual payment will end up being lower than it was before you refinanced.
Another type of refinance, a debt consolidation refinance, may be of interest to someone who has short-term debts, such as credit cards. Since these debts usually have a higher interest rate than mortgages, consolidating them with your mortgage could end up providing significant monthly interest savings. Going this route also comes with the added benefit of no longer having to juggle multiple debt payments, often at different times of the month.
Created 74 years ago, Toys for Tots is a national charitable program run by the U.S. Marine Corps Reserve that is dedicated to bringing the joy of the holiday season and sending a message of hope to the country’s less fortunate children. The program accomplishes this by collecting toys, books, and other gifts every year to distribute to children who would not otherwise have access to something that many often take for granted. To date, 604 million toys have been distributed to 272 million children. Toys for Tots does not only provide children with tangible gifts, but also a positive memory that can last a lifetime.
The National Coalition for the Homeless is an organization that is tirelessly working to prevent and end homelessness while ensuring the immediate needs of those experiencing homelessness are met and their civil rights protected. This national network consists of people who are currently experiencing or who have experienced homelessness, activists and advocates, community-based and faith-based service providers, and others who have a passion for helping this community. Formed in 1982 after the founder, Robert Hayes, filed a lawsuit on behalf of a man experiencing homelessness in New York City that resulted in people experiencing homelessness winning the right to shelter in the city, the organization continues to work for a world where everyone has a safe, decent, accessible, and affordable home.
In a country that wastes billions of pounds of food each year, 1 in 9 people in the United States face hunger. 38 million people – including more than 12 million children – do not have access to the meals they need to thrive. Feeding America responds to the needs of individuals struggling with food insecurity by bringing them much-needed nourished food from farmers, manufacturers, and retailers. The organization has been operating for more than 40 years through food banks and food pantries, with more than 60,000 programs dedicated to helping this hungry population.
Ready to get started on your refinance? Call 844-979-1707 to connect with a loan advisor today.
This is not a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. By refinancing the existing loan, the total finance charges may be higher over the life of the loan.
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