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How Refinancing Can Help Your Long-Term Goals

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Tags: Refinancing, Veteran & Military Programs

AdobeStock_121100743.jpegNot only is Wyndham Capital Mortgage here to help you get the best mortgage, we’re also here to do our part in helping you achieve any other financial goals you might have. Home refinancing could be a great option for you if interest rates have dipped, or if you’d like to replace your adjustable-rate mortgage with a fixed-rate mortgage. No matter your situation, it’s a good idea to at least consider refinancing for your future financial benefit. 

 

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If you have young kids who might go to college one day, it’s a good idea to start saving up for that possibility now. You’ve likely heard of how much more expensive a college education has gotten, and there’s a chance that cost could steadily increase over the years. And even if your kids decide not to go to college, you can still use the fund for financial emergencies they might incur in the future that require the help of mom and dad.

 

Vacation Time

Many people have a desire to travel more, and one of the largest obstacles to doing so is money. With mortgage refinancing, you can divert some of the money you were spending on your home loan and invest it into a travel account. You may not know where you’d like to go, but when you do, you’ll have the money you need to get your there.

 

 Related: 5 Things to Consider Before Refinancing Your Home

 

 

Debts

How fantastic would it be to pay off your credit cards, car payment, back taxes and any other debts you owe in addition to your mortgage? Refinancing your home loan frees up funds you can use as extra payments on those debts and keep collectors out of your inbox, mailbox and anywhere else they might send payment notices. And as a result of taking care of those debts, you’re sure to boost your credit score at the same time.

 

Investing

iStock_83910621_MEDIUM.jpgJust like you’re investing in your kids’ futures by starting a college fund, you can invest in your own future by...well, investing. If you aren’t familiar with investing, you can talk with an experienced and trusted financial planner who can teach you the basics and get you started with stocks or a retirement fund. One of the great things about investing is there’s a wide variety of options available, so you’re sure to find something that’s a good fit.

 

Retirement

If you’re on the fence about investing, you can funnel the money you save with home refinancing into a retirement account. Even if you’ve already started saving for retirement, there’s certainly nothing wrong with putting back even more. You never know what might happen to you, your spouse or your family in the years to come, and it would be great to enjoy your golden years rather than spend them worrying about finances. Just like with the cost of education, the cost of healthcare can also continue to rise.

 

Related: Refinance Tips: How Much Cash Can You Take Out For Renovations?

 

 

Emergency Savings

Do you have enough saved up to take care of your car insurance deductible should you ever have to make a claim? Will you be able to buy a new washer/dryer or hot water heater if the one you have now suddenly stops working? You likely know that disaster hardly ever decides to rain down when your finances are in good shape. By shoring up your emergency savings, you won’t have to worry about using your credit card or scrambling to find a loan to dig yourself out of a financial sinkhole.

 

 

Start exploring your options for refinancing your mortgage today. Even if you can easily make your monthly payments now, the money you save can undoubtedly help with your long-term financial projects.   

 

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