Refinancing Strategies
#1: Lower monthly payments to pay off debt
By Cheynae McDaniel Jan 9, 2025 11:45 PM
The gallery wall. Photo credit: Person
Simplifying the home buying and selling process with UpEquity
I made my first ceramic teapot when I was 8. It was pale blue, round, and the size of a peach. Then I made another. It was brown and diamond-shaped. Then I made another. And another. Soon, I had a collection of mini teapots lining my bookshelf. I had trouble focusing on traditional academics, but when my hands were on a pottery reel, I’d get lost in the moment and create for hours at a time. I was a perfectionist, but never cared whether my creations were perfectly formed or beautifully flawed.
There’s something about the ability to take raw materials and transform them into something tangible and meaningful. I discovered endless possibilities emerge when creativity meets clay and fire. My head feels lighter and I can be in the moment focusing only on what’s in front of me.
Now, I want to share this experience with others by opening Pottery Place. It is more than a business; it's a community where people can disconnect from the daily grind, connect with their creativity, and discover the joy of shaping their own narratives through clay.
Our Marketplace
The little things matter | Made with care | |
We take pride in using high-quality materials and time-honored techniques to create pottery that is both durable and aesthetically pleasing. | Our artisans put love and care into every piece they create. They aren’t just making ceramics; they’re sharing a piece of themselves through their work. |
“Pottery is about patience and resilience. Each spin of the wheel is a lesson in adapting to change and finding beauty in imperfection.”
— Person, Renowned ceramics artist
Currently available at the studio. Photo credit: Person
Our products
Refinancing can be an effective strategy for lowering your monthly bills. One way we can accomplish this is by utilizing the refinance to consolidate debt. If you have multiple high-interest debts, you might refinance to consolidate them into a single loan with a lower interest rate, reducing your overall monthly payments.
Refinancing to a loan with a lower interest rate can reduce your monthly payments. This is often possible if market rates have dropped since you took out your original loan or if your credit score has improved. By extending the term of your loan, you can lower your monthly payments. For example, switching from a 15-year mortgage to a 30-year mortgage will reduce your monthly payment, though it may increase the total interest paid over the life of the loan.
If your home has increased in value and you now have more than 20% equity, refinancing might allow you to eliminate PMI, reducing your monthly payments.
Before proceeding with refinancing, it's important to consider the costs involved, such as closing costs, and to calculate whether the long-term savings outweigh these costs. Additionally, consulting with a financial advisor or mortgage professional can help tailor a refinancing strategy to your specific financial situation.
Goods for the home, by our artisans. Photo credit: Person
Resources
Agent Finder
Want to work with an agent who knows our process and can help make your experience more seamless? Search our database of real estate agents who have closed at least 1 loan with Loan Factory. Or, ask me for a recommendation to a realtor directly.
Introduction to Our Process
DPA Programs
Learn more about DPA Programs that you may be interested in.
First-Time Homebuyer Programs
Get comfortable with the process before starting the house hunt. Take a look at programs and other information to get a better idea of what to expect during the process.
1099 and Business Loan Programs
Improve your portfolio or purchase a home with non-traditional income. Learn about non-traditional options like interest-only payments and DSCR.
We invite you to join our growing community of real estate purchasers, investors and refinancers. Visit our Google Meet during Pre-Qualification Weekend hours, attend a workshop, or explore our application online.
Follow us on social media to stay updated on our latest programs, upcoming events, and special promotions from our lender partners.
Thank you for allowing me to be a part of your story. Let's accomplish some goals together! Click the link to learn more.
Upcoming events
Pre-Qualification Weekend
Saturday, January 4, 2025 · 11:00am – 5:00pm
Time zone: America/Detroit
Google Meet joining info
Video call link: https://meet.google.com/uvw-emod-qsy
Or dial: (US) +1 336-790-8803 PIN: 600 531 986#
More phone numbers: https://tel.meet/uvw-emod-qsy?pin=2505031247184
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For any inquiries, please contact:
cheynae@loanfactory.com or schedule an appointment www.buffmlo.com
