Portland Refinance – How to Leverage the Equity in Your Home

Many people today are looking for a Portland refinance. They usually want to get a lower interest rate, withdraw cash from their home equity, or sometimes do both. Make sure the lender you’re dealing with explains the benefits and costs of refinancing to you, and takes time to talk with you about your situation and what you want from your refinance.

If you’ve built up equity in your Portland home and need extra money for home improvements, college tuition, living expenses, to pay off some high-interest credit card debt, or to buy a second home with low real estate prices, why not? put it to good use with a cash-out home equity loan? You can use the equity in your home to finance your needs, and you can use the money for whatever you want. Refinancing your Portland home loan is a great way to earn extra money. Refinances are popular with Portland homeowners.

With a Portland refinance, you’ll have the option to refinance for cash now or refinance with a home equity line of credit. With a home equity line of credit, you only use the money in your line of credit when you need it. And you only pay for money when you use it.

Homeowners have two rate options when refinancing their home loan, fixed-rate mortgages and adjustable-rate mortgages, often referred to as ARMs. ARMs are attractive in today’s economy because they offer very low introductory rates, but due to financial market instability, these rates can rise quickly and owners may be forced to pay more than they expected. However, adjustable rate mortgages are not always unpredictable. Homeowners who know how long they plan to stay in their home can get an ARM for that specific amount of time, which will save the homeowner money and prevent increased payments.

If you’re already on an ARM and your ARM is increasing, now is the time to lock in today’s low fixed rates. Don’t miss out on your chance to get a low fixed rate payment as soon as possible. Every day on a rising ARM is costing you money.

With today’s low 15-year and 30-year rates, refinancing into a fixed-rate mortgage can secure your financial future. But there are also special mortgage programs for people with special needs. There is a wide variety of Adjustable Rate Mortgages for people who only plan to live in their home for a few more years. And for those worried about high payments, there are also interest-only home loans.

It really is about taking control of your financial future with a Portland refinance. Refinance today and get cash to pay off your high-interest debt. Consolidate all your debts into one low monthly payment. In most cases, interest on mortgage loans is tax deductible. Work to improve your credit by paying down debt and consolidating it into one payment to a lender. In most cases, paying off high-interest debt helps improve your credit score.