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The Benefits of Refinancing to a Fixed Rate Mortgage

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Tags: Refinancing, payments, mortgage, Fixed Rate

So you’re at the point in your homeownership journey where you’re considering refinancing. Maybe you want to take advantage of low interest rates, or there are some expensive improvements you’d like to make to your home. Whatever the reason for refinancing, it may be in your best interest (pun intended) to refinance to a fixed rate mortgage.

Here you’ll learn the basics of refinancing, the advantages of a fixed rate mortgage, and how you can start the refinance process from the comfort of your home through Wyndham Capital’s digitally-driven refinancing program anytime you’re ready.

Refinancing Basics & Benefits

Refinancing is the process of trading your existing loan for one with a better interest rate, lower payment, shorter term or all three. There are many reasons why people choose to refinance, but how they refinance can have a big impact on their future financial situation.

Like we mentioned before, refinancing can lower your mortgage interest rate. You could benefit from saving over the long term if your rates dropped since you first purchased your home, even if only by one or two percent.

What is a Fixed-Rate Mortgage?

A fixed rate mortgage is a mortgage loan with an unchanging interest rate for the term of the loan. The benefit of a fixed rate mortgage is consistency in payments and interest rates. With a fixed rate mortgage you’ll never have to wonder if your payment is going to change from one month to the next, and you’ll be able to create a stable budget for the future.

Fixed rate mortgages differ from adjustable rate mortgages, which have fluctuating interest rates and mortgage payments that can change any time and in either direction. If you have an adjustable rate mortgage, we suggest you keep reading!

Refinance Adjustable Rate Mortgage To Fixed Rate

It can be unsettling to think of how your mortgage rates will change at any given time and if it will set you back financially. If you currently have an adjustable rate mortgage and you want out, now is a great time to check current mortgage rates in your area and refinance to a fixed rate mortgage. Wyndham Capital Mortgage loan officers are always ready to answer your questions or concerns about your mortgage loan and help you find a logical solution to your specific situation.

Refinance to a 15-Year Fixed Mortgage 

It’s common for first time home buyers to take out a 30-year mortgage loan. As you get older and finances change, it may be in your favor to refinance to a 15-year fixed rate mortgage. 

Despite the fact that a 15-year mortgage loan can come with larger payments, the shortened loan term allows you to build home equity at a faster rate and save money on the interest payments you would have made over the course of a 30-year mortgage. Who wouldn’t want to save money and pay off a mortgage faster?

Ready to Make the Switch? Begin the Refinance Process Today!

We’ve learned that refinancing to fixed rate mortgage can:

  • Save you money in the short and long term
  • Help you pay your loan off more quickly
  • Stabilize your mortgage interest rate when you refinance from an adjustable rate mortgage

So, where should you start? Take the guesswork out of the refinancing process and let a Wyndham Capital Mortgage loan officer create a personalized loan tailored to your needs at below-market rates.

Begin the refinancing process by completing our digital application. Our advanced digital tools will keep you in the loop at all times. Get out of your current loan and into a new, lower interest mortgage loan quickly through a simple and efficient digital mortgage experience from application to eClose

Wyndham Capital Mortgage takes pride in offering white glove service and a customer experience that can’t be matched by other lenders. We know this to be true from the thousands of satisfied clients we help each year. Let us help you step into a new loan designed just for you.