Daryle Evans Mortgage Lender Vice President Mortgage Loan Originator, NMLS # 264599 More than 20% of homeowners will refinance sometime in their lives. In 2020 Freddie Mac reported that 8 million mortgages were refinanced. Generally the rule of thumb is if you can save ½ to ¾ of a percent on your current rate, it might be a good idea to refinance. Refinancing means that you are paying off your existing mortgage and acquiring a new mortgage, usually at a lower rate. The bank or lender you get your new mortgage from will pay off your old mortgage, and you will now pay your new monthly payment to the new lender. With interest rates at a historic low, Daryle Evans can help you refinance your home. Call us today!

Benefits of Refinancing:

• Lower interest rate and lower monthly payment You can potentially save thousands of dollars over the life of your loan when you when you refinance for a lower interest rate. These lower payments could allow off other high interest debts, or credit cards or add to your savings account or retirement. • Pay off your home loan early. Some people may not lower their monthly payment, but they might choose to shorten the length of their mortgage loan. If you have had your loan for a number of years, a refinance with a lower interest rate might allow you to move from a 30 year loan to a 20 year loan without a significant difference in monthly payments. • Lock in a fixed interest rate. Homeowners that have an adjustable-rate mortgages (ARMs) will often replace their loans a fixed interest rate loan. If an interest rate adjustment period is approaching, it might be a good time to take advantage of a lower fixed rate by refinancing your existing loan. • Obtain funds for home improvements or repairs. Use the equity in your home to get cash by doing a cash-out refinance. As you reduce the balance of your existing loan, you are building equity. Refinancing that loan utilizes this equity to get cash for home improvement, pay off credit cards, pay medical bills, or other expenses. • Remove private mortgage insurance. If you make a down payment of less than 20%, you generally will have to pay private mortgage insurance (PMI), with the exception of VA loans. If this situation applies to you, refinancing may be an opportunity to eliminate this expense. This option is available to borrowers whose loan-to-value (LTV) is less than 80% because of a reduced loan amount, an increased home value, or both.

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