Refinancing a Mortgage
Do you know if you are paying more for your mortgage than you have to? Call TruWest to see if you can lower your rate and monthly payment. (Not available on existing TruWest mortgages.)
Here are a few reasons why people refinance their home:
1. To lower the monthly payment.
If you are currently in an adjustable rate mortgage, you may want to investigate fixed rate mortgages. In some cases, your new fixed rate mortgage payment may be lower than your next anticipated increase in your adjustable rate mortgage payment.
2. To shorten the term of your loan.
Shortening the term on your mortgage may save you thousands of dollars in interest over the life of your loan. It may be possible to keep your same monthly payment (or possibly lower it) and still pay off your loan early.
3. To eliminate Private Mortgage Insurance (PMI).
If you have enough equity in your home, and your loan to value (LTV) ratio is below 80%, you may be able to drop the private mortgage insurance from your monthly mortgage payment. If your current mortgage balance has not yet reached the 80% LTV ratio, there are mortgage products available that could assist you in eliminating your PMI premium while maintaining or lowering your monthly payment.
For more information, please call (AZ) 480.441.5900 or (TX) 512.996.4000.