But there are also some disadvantages to consider before you proceed with the process.
At Modern Times Homes we have been buying and selling Rockford houses for a while, and along the way we learned a couple of things about refinancing homes. We decided to share with you our knowledge.
Refinancing your Rockford home mortgage will lower your monthly payments, and this will happen only if you have built a little equity in your property.
One of the disadvantages is that refinancing a mortgage would give you extra interest by adding some extra years to your loan.
When refinancing, you have an option to choose either a 15- year or a 30- year term. If you choose a 15- year, your monthly payment will be bigger compared to the one for a 30- year term.
Also, when you are refinancing your Rockford home, you can change the type of loan you’ve got, giving you an option for a lower interest rate.
Hope this helps you in making your decision!
If you want to sell your Rockford house for a fair cash offer, give us a call at (847) 242 2212.
We can buy as-is and we will pay all closing costs!