Portland Refinance – How to Take Advantage of the Equity in Your Home

Many people today are looking for a Portland refinance. Typically they want to get a lower interest rate, pull cash out of their home equity or sometimes do both. Make sure that the lender that you deal with will explain the benefits and costs of refinancing, and will spend time talking to you about your situation and what you want to get out of your refinance.

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

With a Portland refinance, you will have a choice of whether to refinance to take cash out now, or to refinance with a home equity line of credit. With a home equity line of credit, you only use money from your credit line when you need it. And you only pay for the money when you use it.

Home owners 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 because of financial market instability these rates can jump quickly and homeowners may find themselves paying more than they had expected to. Adjustable rate mortgages are not always unpredictable though. Homeowners who know the length of time they plan to stay in their home may get an ARM for that specific amount of time, which will save the homeowner money and avoid rising payments.

If you are already in an ARM and your ARM is rising, now is the time to lock in today’s low fixed rates. Don’t miss an opportunity to lock into a low fixed-rate payment as soon as possible. Everyday in a rising ARM is costing you money.

With today’s low 15 and 30 year rates, refinancing to 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 concerned about high payments, there are also interest-only home loans

This is really 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 of your debt into one low monthly payment . In most cases, home loan interest is tax deductible. Work towards improving your credit by paying off debt and consolidating into one payment to one lender. In most cases, paying off high-interest debt helps improve your credit score.