If you have ever thought of refinancing your current home mortgage – now is the time! We have once again entered a period where mortgage interest rates are historically low. 

No matter what your current mortgage interest rate is today, you will want to talk to a mortgage banker to see if you can take advantage of the current mortgage interest rate environment and refinance. 

Here are five ways to use a mortgage refinance to your advantage.

1. Reduce your current mortgage rate to an all-time low interest rate.
   Mortgage interest rates began to drop steadily in early 2020 with the news of the COVID-19 pandemic starting to spread. Now the rates are historically low. If you have a current mortgage, it never hurts to have a mortgage banker take a look at your current situation and see if perhaps you can save money on a lower rate.
2. Take cash out to upgrade your home
   Because mortgage interest rates are at all-time lows, it is a perfect time to consider doing a cash out refinance. If you have been wanting to update your current home with a new indoor or outdoor kitchen, add an additional room or finish your basement – this is a great time to talk with your mortgage bankerabout making some of those dreams a reality.
3. Take cash out to consolidate debt
   If you’re like a lot of people today, you may have had to rely on your credit cards to get through some difficult times. Or maybe your credit cards got the best of you with incredible offers that turned into uncontrollable interest rates. Now might be the perfect time for you to consider a cash out refinance to consolidate your debt with one low interest rate. The key here is to put away all the credit cards so you continue to have one monthly affordable payment going forward.
4. Refinance into a different loan product
   There are many different mortgage loan products on the market today. And many reasons to choose one over the other when first buying your home. However, when rates are low as they are today, it’s an opportunity to consider changing into a mortgage loan that perhaps fits your lifestyle and budget better for the long term. If you are in an adjustable rate mortgage (ARM) or a balloon mortgage, now might be an ideal time to move into a mortgage with a fixed rate term. Also, if you are currently in a 30-year fixed rate mortgage, it’s a great time to see how a 15-year fixed mortgage might save you a lot of money over the years. Likewise, if you are currently in a shorter-term mortgage, like a 15-year fixed, you might want to look at refinancing to a 30-year fixed mortgage to reduce your monthly payments. Talking to a mortgage banker can help you decide if refinancing into a different loan product is right for you at this time.
5. Eliminate private mortgage insurance (PMI)
   If you have gained enough equity in your home, and you are paying private mortgage insurance, now is a time to definitely determine if you can refinance into a new loan program without PMI. A new mortgage without this insurance can definitely save you money on your monthly payments and certainly over the long term. 

All of the above reasons can potentially work toward your advantage whether they save you money up front, over time or simply provide peace of mind. Your mortgage banker will discuss your needs, dreams and financial goals. He or she will provide a complete analysis of all your options whether you choose to simply refinance to save money, take cash out, remodel, consolidate debt, or all the above. Now is the time to explore your advantages!

Simply call us at 734.475.4210 or visit us at www.chelseastate.bank to begin.

We are here to help you learn more about your advantages to refinancing whether your first mortgage is with CSB or not. We have the mortgage loan programs and the expertise to help you explore all your options!

Loans are subject to credit review and approval.