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Explore Top Refinancing Options with Greater Nevada Mortgage
As interest rates shift, refinancing offers homeowners an opportunity to reduce costs, simplify their mortgage structure, and unlock the value of their home equity. GNCU and our mortgage branch, Greater Nevada Mortgage (GNM), recently explored three refinancing options to help homeowners meet these goals, each designed to fit a variety of financial needs.
1. Rate Relief Refinance
If your current mortgage rate is higher than today’s market rates, a Rate Relief Refinance could help you save. By securing a lower rate, you could reduce your monthly payments and create additional savings over the life of your loan.
Best for: Homeowners who plan to stay in their homes and want to take advantage of today’s rates to cut monthly expenses and total interest costs.
2. Blended Savings Refinance
Homeowners with multiple loans—like a mortgage and a Home Equity Line of Credit (HELOC)—can use the Blended Savings Refinance to combine these into a single loan with a better overall interest rate. This approach not only reduces your total monthly costs but also offers one consistent, manageable payment.
Best for: Homeowners with multiple loans looking for predictability, stability, and savings by consolidating adjustable-rate loans like a HELOC into a fixed-rate mortgage.
3. Equity Unlock Refinance
If you have significant home equity, the Equity Unlock Refinance can help you tap into it. With this cash-out option, you can refinance your mortgage to access funds for high-interest debt consolidation or to finance major expenses like home upgrades. The benefits of consolidating debt at a lower rate can add up, making this an attractive option for those looking to put their home equity to work in other financial areas.
Best for: Homeowners who want to leverage home equity to pay off higher-interest debts or finance significant expenses, without the need for additional loans.
The Bottom Line
While refinancing isn’t one-size-fits-all, it can be a valuable tool for homeowners seeking to achieve a range of financial goals. From reducing monthly payments to simplifying loan structures and unlocking equity, GNM is committed to helping members explore their best options. If you’d like to learn more about the options above and hear key insights from local experts, please register to watch the recording of our recent Mortgage Refinance Webinar!
Greater Nevada is here to help you make the most of today’s mortgage landscape. For members ready to get started, GNM recommends talking to a lender. Though refinancing may involve some upfront costs (like an appraisal and closing fees), the long-term savings can often make it well worth the effort. To explore refinancing with GNM and learn which option could be best for your situation, reach out to a Mortgage Consultant today!
