When you first bought your home, it’s likely you put careful thought and consideration into choosing a mortgage. However, as your life circumstances and finances change, that mortgage may no longer be the best fit. Working with a real estate attorney to refinance your loan may prove ideal. Even if you find your current loan terms to be satisfactory, you may still benefit from replacing it with a new one. Here are a few of the top reasons to refinance.

Why You Might Consider Refinancing Your Mortgage

1. Get a Lower Interest Rate 

The biggest advantage of refinancing is the opportunity to secure a lower interest rate. If rates have dropped since your home was purchased, you may be able to save thousands of dollars over the life of the loan. If your credit score has significantly improved from when you first applied for a mortgage, you may also be eligible for a better interest rate.

2. Reduce Your Monthly Payments 

If your monthly budget is becoming more challenging to meet, you may want to talk to a real estate attorney about refinancing your home loan. A renegotiated loan can ease monthly financial pressures by reducing your mortgage payment. It will also free up income that you can use to pay down other debts or put into an emergency fund.

3. Withdraw Equity

After consistently paying down your mortgage over the years, you may have built up a considerable amount of equity in your home. Equity refers to the value of your ownership stake in your home. It’s the difference between its market value and the amount you owe on the property. Should you need extra money for a large purchase, retirement, college tuition, home repairs, or renovations, a real estate attorney can help you navigate the refinancing process to cash out on that equity.

If you’ve decided to refinance your mortgage, let a seasoned real estate attorney from Adams, Ellard & Frankum guide you through the process. You can rely on them to represent your interests and ensure the terms of the new loan are favorable. Based in Clarksville, GA, they’ve helped countless homeowners in North East Georgia accomplish smooth and timely closings. Call (706) 754-2171 to schedule a consultation and learn more about refinancing options.