The Benefits of Refinancing, By Dan Trinidad

Dan Trinidad shares the strategy of refinancing from his mortgage experience.

Throughout the 1980s mortgage interest rates were at an all-time high and therefore the reputation of mortgage brokers was at an all-time low even though benefits of mortgages and refinancing stayed intact. The only way to mend this bridge was to redefine and rebuild the relationship between client and mortgage broker. Dan Trinidad, founder of Partners Mortgage, saw an opportunity to create an upscale mortgage brokerage firm. During the initial years, his firm became one of the largest mortgage brokerages in the entire country.

With the experience of more than three decades, Dan shares some key benefits of refinancing your mortgage. Mortgage refinancing is the process of replacing one loan for another, typically with better terms and/or lower monthly payments. . Here are five reasons why you should consider refinancing a loan:


  1. Lower your monthly payments: Refinancing can help you lower your monthly payments. This way, the duration of your loan might be longer but your monthly fixed payment would decrease and in turn would put more money in your pocket every month for other expenses.
  2. Take cash out: A cash-out refinance is a type of mortgage refinance that allows you to borrow a portion of the difference of the home value minus what you owe. This allows you to put the extra cash in the bank. This extra cash could be used for various purposes such as vacation, home renovation, college tuition, or an emergency fund.
  3. Shorten your term: It is advisable to shorten your loan term (30 yr to 15yr), if you can, to save hundreds or thousands in interest. When you shorten your term, your monthly payments increase, however, the length of your term has decreased which in turn saves you the extra years on interest. The goal here is to spend extra money in the short term to save substantially in the long term.
  4. Consolidate your debt: Refinancing which includes your debt allows you to lump everything together into one monthly payment saving both hassle and interest. Take note, most home loans are significantly lower interest rates than any and all other debt products which is why you save on your interest.
  5. Secure a lower interest rate: The market is fluctuating every day. There is no guarantee when the prices will change. Hence, it is important to explore refinancing your loan whenever interest rates drop. A 2% decrease in your interest rate could equate to hundreds or thousands saved over the life of your loan.

Dan’s firm, Partners Mortgage has continually grown over the last thirty years as they have successfully served nearly 50,000 clients. Partners Mortgage would love to assist you in buying your home or refinancing your existing loan, whatever your needs may be. In California, over the last two years, home values have increased 21%. The highly capable and passionate team at Partners Mortgage is here to help you plan and prepare accordingly. Be our guest and take a look at what the customers have to say and book a call today.

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