The holidays can feel overwhelming on your wallet, but at Fairway Independent Mortgage Fort Lauderdale, we are here to provide home-mortgage solutions. Refinancing your home in the fall and winter months is one way to help offset holiday bills — in myriad ways! By refinancing, it’s possible you might be able to do the following:

Pay Off Credit Cards

If you have gained equity in your home over the years, you may be able to use these funds to pay off higher-interest credit cards, saving you from having to make those payments during the holiday season. If your debt is housed in other areas such as student loans or medical expenses, you may be able to consolidate to one monthly payment for additional savings.

Remove PMI

If your down payment was less than 20 percent when you purchased your home, you might be paying a monthly mortgage insurance premium. A refinance can offer the opportunity to reduce, or eliminate these payments entirely, due to an increase in your home’s value or the accumulation of principle in your home from the payments you have already made.

Short- or Long-Term Savings

With so many loan programs at Fairway, your loan officer can help you find the perfect loan for your goals. Whether you’d prefer short-term savings to pay less each month or prefer long-term savings to pay less interest over the life of your loan, a reduction in your interest rate or term could be your solution.

Get Cash-Out

A cash-out refinance is the most direct method to pay for holiday expenses. This method uses the equity in your home to fund your holiday travels or pay for gifts. If you’d like to complete your home improvement projects before your family arrives for a visit, a cash-out loan is a great opportunity to take care of these tasks quickly. By refinancing your home for more than you currently owe, you’re able to pocket the difference for immediate use. Better than putting these expenses on a high-rate credit card, this solution allows you to use your own funds instead of incurring interest charges months later from credit card companies.

Skip a Payment or Two

During the refinance process, homeowners can skip at least one mortgage payment. With the holidays around the corner, it’s a great time to get started with a refinance and give yourself a break from mortgage payments while celebrating with your family.

Instead of stretching you or your credit cards thin during the holidays by taking on extra work or charging presents to cards, let Fairway help you spend more stress-free time with your family this year. Give us a call today to get started on your home refinance to help with holiday bills!