You
may decide to refinance to accomplish a variety of goals,
but for some basic reasons: To save money by getting a lower
interest rate or to save money by using a tax-deductible
loan (the refinance) to pay off non-tax-deductible debt.
People most commonly use a refinance loan to:
» Convert
a higher interest rate mortgage to a lower interest rate
mortgage
» Lower
their cost of debt by converting non-tax-deductible debt,
such as credit cards or car loans, to
tax-deductible mortgage debt.
» Convert
an adjustable rate mortgage to a fixed rate.
» Consolidate
a first and second mortgage into one lower-rate mortgage.
» To
get cash for family needs/expenses (tuition, medical expenses,
etc.)
» To
reduce the term of their mortgage.
The key point to remember in all these instances is a refinanced
mortgage offers you tax-deductible borrowing (which effectively
lowers your cost of borrowing). Is a refinance a smart move
for you? To find out, call an Infiniti Mortgage Loan Advisor
at 505-881-0801 who will assist you with your application.
You’ll get our honest, objective opinion on what’s
most advantageous for you.
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