mortgage-lender-refinancing-redding-ca-family-homeChris Lamm: Redding Mortgage Lender, located in Redding, California, in Shasta County offers refinancing of your home mortgage loan. There are a number of situations where this makes good sense. Redding home loan refinancing can be considered for the following purposes:

  • debt consolidation. Pay off that credit card or consumer debt!
  • cash-out home improvement. Fix up or remodel your home with the equity locked in your walls!
  • rate/term refinance. Drop your payment or term and potentially save thousands!

Debt Consolidation

Credit card debt usually carries high interest rates. A debt consolidation can effectively reduce the interest rate and cut out those hefty monthly interest fees. It can also free up funds that were being used to cover multiple minimum payments, which can now be applied to one fixed (and lower) monthly payment. Debt consolidation can be considered not only for credit card debt, but also for other debts, such as medical bills, student loans, personal loans, payday loans, and car loans. In a debt consolidation, your debt is added to your mortgage balance and refinanced with a new rate and term.

Cash-Out Home Improvement

Perhaps you need a new roof or you’d like to expand your kitchen. With Chris Lamm, you may be able to find a way to do just that. A home loan refinancing can be used to cash out the equity on your home and use it for improvements to your home. The amount you’re taking out will be added to your mortgage balance and refinanced. Since home improvements can increase the value of your home, this type of refinance can be beneficial both in the short-term and in the long-term.

Rate/Term Refinance

In a rate or term refinance, you are refinancing to lower your term (for example, from 30 years to 15 years) or to lower your interest rate. Some homeowners do this type of refinance to eliminate PMI. This can slash your monthly payment by several hundred dollars and result in thousands of dollars of savings over the lifetime of your mortgage.

To find out if home loan refinancing for your Redding home is right for you, contact Chris Lamm: Redding Mortgage Lender. He can make sure your home doesn’t end up in an underwater mortgage, a situation where your mortgage is more than your home is worth. It pays to get advice from a professional like Chris Lamm.

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