Here are 4 potential reasons why a Costco member may want to refinance their home:
Lower Interest Rates/Mortgage Payment
Over the past few years our federal government has intervened with the nation’s economy, to reduce mortgage rates, in an effort to stimulate the economy. By purchasing mortgage backed securities we have seen the lowest interest rates in our Country’s history, hence the refinance boom! With interest rates so low millions of homeowners were able to refinance, and substantially reduce the interest rate on their mortgage, thus bringing down their monthly payments.
Since most credit cards or revolving debt may come with a high rate of interest, many homeowners use the equity in their home to pay off these liabilities. With lower mortgage rates this is a great way to reduce your overall monthly expenditure. By rolling those into your mortgage you could reduce these payments.
Get Cash Out
Members can utilize the equity in their home as a great way to have their house work for them. In most cases as time has passed, Costco members have built equity in their homes at the same time as they paid down their mortgage. Taking cash out is a great way for Costco members to accomplish personal and financial goals. For instance, a home improvement project, college tuition for the kids, unforeseen medical bills or to just simply start building a nest egg, are many reasons that people utilize the equity in their home when they refinance.
Reducing the Term
30 years is a long time and often by the time the 30 years are over you may have already retired. Depending on your current loan, you may be able to go from a 30 year term down to a 15 or 20 year with little or no effect on the monthly payment.
Why Refinance with the Mortgage Program?
With a name like Costco, the Mortgage Program has developed relationships with a number of preferred lenders that have committed to providing Costco members with superior service and exclusive rates and fees. With the Mortgage Program for Costco Members, you will have everything you need to see if you can lower your monthly payment or interest rate.
To view rates and fees exclusively for Costco members, complete the simple questionnaire above or contact the Mortgage Program at 800.793.0759.