Title insurance is boring, but Allied Title & Escrow is here to decode the jargon and make it (somewhat) more interesting. This biweekly feature will explore the mundane (but very necessary!) world of title insurance while sharing interesting stories of two friends’ entrepreneurial careers.
For this week’s edition of Boring Title, we give three reasons why you should consider refinancing your mortgage now.
The first, and most obvious reason, is so you can lower your monthly payment. Depending on when you purchased the property — or even when you last refinanced in the past — you could potentially save hundreds of dollars on your mortgage payment each month.
The second reason you should consider refinancing your property is if you would like to shorten the length of your mortgage. You may pay a slightly higher monthly payment, but your interest will go way down and you can pay off your mortgage sooner.
The third reason why you should consider refinancing is to pull cash out of your equity with a cash-out refinance. With a cash-out refinance, you refinance your mortgage and borrow money at the same time. There are no restrictions on how you use the proceeds, and during these tough times, many people may be able to benefit from freeing up some extra cash.
Are you interested in refinancing but don’t know where to start? We know a ton of the top mortgage lenders around the DMV. Reach out to us at the email below to get connected to a great lender!
Have questions related to title insurance? Email Latane and Matt at [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company!