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With the much lower rates that have become available in recent years, many people are opting to refinance their mortgages. Another advantage to refinancing is that you can often borrow money based on the equity in your home.

When you take out extra money on your mortgage, you can use the money to consolidate your debts, renovate your home, or make home improvements. This will also allow you to combine multiple mortgages if that is an issue.

If you are unsure about whether refinancing will help you, there is a process to follow:

  • Calculate your monthly debts, including credit cards, loans, lines of credit, etc.
  • Divide the amount by your gross monthly income.
  • If the number calculated is higher than 0.5, fill out an application on Popular Mortgages’ website.
  • If the number is lower than 0.5, it could still be beneficial to contact us so that our experts can discuss ways to help save you money.

A refinance can save you quite a bit in interest over the course of the mortgage. It can often be a smart financial move, especially if you plan to remain in the home for a while. There are many circumstances in which a refinance will not only save you money, but can also help you pay off other bills with higher interest rates.