Refinance2019-10-23T17:07:51+00:00

Refinance

Obsidian Financial’s principal objective is to provide our clients

REFINANCE FROM AN ADJUSTABLE RATE MORTGAGE (ARM) TO A FIXED RATE

It’s important to consider what mortgage rates are doing. Are mortgage rates rising or falling? If you have an adjustable rate mortgage (ARM), it may adjust to a rate that’s higher than a fixed-rate mortgage. Now might be a good time to consider refinancing to a fixed-rate loan.

However, you must also consider the amount of time you plan on being in your home. If you’re only going to be in your home for a few more years, it may make sense not to refinance out of your ARM. If you’re going to be in your home for longer than seven years, it might be a smart move to refinance to a fixed-rate mortgage.

REFINANCE FROM A FIXED-RATE  TO AN ARM

Again, you need to consider how long you plan on being in your home. Many people move within nine years so it may not make sense to pay a higher interest rate for a 30-year fixed-rate mortgage when you’re not going to be in the home that long. Doing so may be costing you money. Consider refinancing to an ARM instead – you’ll get a lower rate and lower your monthly mortgage payment.

Call now

Schedule a call with a loan officer

Ready to Refinance?

To get started, fill out our simple mortgage loan application and we’ll contact you with the next steps for your refinance!

Apply Now

CONSOLIDATING HIGH-INTEREST CREDIT CARD DEBT

The difference between credit card debt and a mortgage can financially speaking, mean thousands of dollars. Why? Because unlike your mortgage, the interest you pay on a credit card is not tax-deductible and you pay a higher rate than you would on your mortgage. Because of this, credit card debt is often referred to as “bad debt” whereas your mortgage is considered “good debt.” Using your home equity to pay off your high-interest credit card debt can save you money in the long run. Using your home equity, rather than your credit cards, to finance expensive purchases can also be a smart move. Be sure to consult your tax advisor. Trust us on this. Don’t deduct and just cross your fingers for good luck. Know what you are doing before you mess with your taxes!