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Mortgage Refinance Rates in Bonners Ferry, ID

Bonners Ferry Mortgage Rates: Time to Refinance?

Interested in refinancing your Bonners Ferry mortgage? There are a number of reasons you may want to consider a mortgage refinance loan. Refinancing your Bonners Ferry, ID home loan could make sense for a number of different reasons. Some of those reasons include:

Cash-Out Refinance : Over time many Bonners Ferry homeowners have been able to build up substantial equity in their Idaho home. That home equity can be taken advantage of in a few ways. One way is a cash-out refinance of your Bonners Ferry mortgage. The cash-out refi allows you to refinance your first mortgage with a loan greater than the mortgages current balance but less than the property’s value. The difference is yours as a lump sum cash payment that can be used for any purpose. Many Bonners Ferry homeowners take this opportunity to pay down high interest rate debt such as a credit card, fund a child’s college education or even pay off a car loan.

Lock in a Low Fixed Rate : Is your current Bonners Ferry mortgage rate adjustable? If rates have fallen since you took out your last loan, now could be a great time to lock in a low fixed rate. Working with a quality Bonners Ferry lender to help you refinance from an adjustable rate mortgage to a fixed rate mortgage can allow you to remove the interest rate risk you have with the ARM. Speak with a qualified Bonners Ferry mortgage lender and see if the time is right to lock in your mortgage rate.

Lower Interest Rate : Have you improved your credit score? Maybe your income has increased? Finally debt free after paying off those credit cards? Refinancing your Bonners Ferry mortgage now could enable you to qualify for a lower interest rate. Refinancing your Bonners Ferry home loan into a lower rate could enable you to save on your monthly mortgage payment or even enable you to pay off your mortgage loan faster.

Shorten the Length of Mortgage : You may have started out with a 30 or even 40 year mortgage. However, a significant decrease in Bonners Ferry mortgage rates can enable you to refinance into a shorter loan without much of an increase in monthly mortgage payments. Paying off your Bonners Ferry home loan faster with a lower rate will save you over the life of the loan on interest savings alone.

Removing PMI (Private Mortgage Insurance) : Were you unable to come up with a 20% down payment when you purchase your home in Bonners Ferry, ID? If so you probably had to pay PMI on your mortgage. With enough appreciation in home value you may be able to refinance your Bonners Ferry mortgage and remove the PMI.

Finding a great Bonners Ferry mortgage rate is important no matter what your reason for wanting a new loan or needing to refinance. Getting the best loan possible may take some time but it is time well spent. Now is the perfect time to take a moment to find the best Bonners Ferry mortgage rates in your area. Don’t be one of the 2,610 Bonners Ferry residence who settle for a high mortgage interest rate simply because that don’t take a few minute to see if they could save on their home loan.

Credit Score too Low to Refinance?

If you have suffered a financial hard ship and find yourself with less than perfect credit, you may find it difficult to get approval for a loan from a Bonners Ferry lender. If you are not sure you will qualify for a mortgage or have been denied by a mortgage lender recently, take a moment to speak with a FICO® Certified Coach at Own The Key. Not only will they help you fix your finances enabling you to quickly qualify for a mortgage, but if you finance your mortgage with an approved Bonners Ferry mortgage lender from their network you can receive a lender paid credit of up to $650 at the time of funding.

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