Mortgage Refinance in Indianapolis
Have an adjustable rate mortgage, but wish it were a fixed rate mortgage? Paying higher interest now than you would be if your loan was new? Stuck with mortgage terms you do not like? Sometimes the loan product which was right for a customer originally is no longer the most ideal fit later down the line. At times like that, it can pay off to get a mortgage refinance in Indianapolis.
Why Refinance Your Loan in Indianapolis?
There are many ways in which refinancing a mortgage can potentially benefit you. The exact refinancing product which is best for your needs will depend on what your goals are.
With an Indianapolis refinance, you can:
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- Reduce your interest rate. This is one of the most common reasons why customers refinance. Perhaps you purchased your home at a time when interest rates were higher—or your adjustable rate mortgage (ARM) has ballooned over time. Refinancing lets you lock in a lower rate which is more in line with current market rates. With the money you save each month on your mortgage after refinancing, you can enjoy greater financial flexibility and freedom in your life.
- Switch mortgage formats. Perhaps you originally thought you would only be in your home for a couple of years, and thus chose an ARM when you took out your mortgage. But now you realize a fixed rate mortgage would be better. Or maybe the reverse applies, and you want to convert a fixed rate mortgage to an adjustable rate mortgage. Either way, an Indianapolis home loan refinance makes it possible to switch between these formats.
- Extend or reduce your loan duration. Need more time to pay off your loan? With a refinance, you can increase the amount of time you have to finish paying on your house. Want to pay off your loan early without accruing penalties? Decreasing your loan term through a refinance is one way to do it.
- Consolidate mortgages. Have more than one mortgage? If you want to simplify your financial life, consolidating your mortgages into one can save you both time and money.
- Adjust loan terms. When you first signed on your mortgage, your life circumstances may have been very different. Maybe your credit score was not up to par. Perhaps there were other factors which landed you with a loan with substandard terms. Whatever the case might be, a refinance gives you a chance to replace those terms with more favorable ones.
Is a refinance right for you? There are a lot of factors which you need to weigh to determine the most suitable course of action with your home loan. Here at Grandview Lending, we want customers to be able to make informed decisions about their financial futures. So, if you have questions before refinancing, we can help you determine whether a refinance would be appropriate and beneficial given your circumstances.
We Can Help You Refinance Your Indianapolis Home Loan Today
If you are ready to pay a lower interest rate, adjust your loan terms, and restructure your mortgage to your advantage, then we are ready to help. Give us a call at 317.255.0062 to speak with a refinance specialist. Let’s get you on the road to saving money.