Dalton Quick is a student at the University of Missouri-Columbia studying strategic communication and psychology. Coming from a town with a population of 109, Dalton hopes to work in the entertainment marketing/promotions field and live in one of the major U.S. cities following his graduation in May 2016. He also plans to attend graduate school for either business or communication.
Imagine if someone handed you a $20 bill and said, “Take it, it’s free.” Would you hesitate? Because, as it turns out, refinancing your mortgage through PrimeLending might hand you a lot more than just a $20 bill.
Refinancing can save you money. A lot of money. Locking your loan into a lower interest rate means you will have a lower monthly payment for years to come as you pay off your mortgage. How much money depends on a variety of factors. PrimeLending provides calculators that can be useful in estimating the savings you may get by refinancing your mortgage loan. If you qualify, you could be saving money each and every month … what would you do with it? Just imagine.
Go on Vacation
Refinancing your home could mean getting to leave your home – at least for a week or so.
Vacations are an excellent way to spend extra money. You may not see a tangible return, but you will reap the rewards in the memoires and pictures you will keep for years to come. If you have children, maybe a once-in-a-childhood trip to Disney World; if it’s just you and a spouse, consider a romantic trip to an all-inclusive beach resort or an Alaskan cruise. Whatever your dream vacation may be, use the money you save as a way to make this dream a reality.
Tackle Home Renovation
Refinance your mortgage and pull cash out of your equity to pay for home renovations. By reinvesting your equity into improving your home, you can increase the value of your property. Not all home improvements increase resale value, so speak with a home loan specialist and choose projects carefully to get the biggest advantage. With more cash in your pocket, you have the option to update flooring, replace fixtures or install new appliances. If your new interest rate is significantly different, you may even have the money to build an additional room or two to the property.
Pay Off Existing Debt
Debt isn’t fun. Often, it creates anxiety and adds stress to an otherwise happy household. Refinancing with a lower interest rate will save you money every month – which provides you with more cash to pay off your existing debt. Whether it’s a credit card that’s been used one too many times or student loans you’ve been paying on for years, this is a great opportunity to get ahead on these payments – to lower your expenses or even retire your debt once and for all.
The possibilities are endless. So now it’s your turn to tell us: What would you do with extra money?
- Go on Vacation
- Renovate
- Pay Off Debt
- Other: ________________
