All the information you need to make an educated decision
Mortgage Refinance
With mortgage refinance, you acquire a secured loan at a low interest rate to pay off another, higher-interest secured loan for the same property. You pay off your first mortgage and replace it with a lower-interest mortgage loan. People who have high interest rate mortgages could potentially save thousands of dollars through mortgage refinance.
A few things to consider before refinancing your mortgage loan:
- Be sure that the fees associated with your refinance do not exceed the amount of money you would save by refinancing.
- You can use cash-out refinancing to withdraw equity from your house on a refinance just like on a home equity loan.
- Your reduced interest rate will lower monthly payments.
- You can shorten the length of your mortgage term. Therefore, a mortgage refinance can save you thousands of dollars in interest that you may use to pay off debts and other loans, invest, undertake home improvements, etc. Also, by shortening your term from 30 or 40 years down to only 10 or 15 years, you will build equity faster at a lower interest rate.
It is important to understand that if your mortgage is an adjustable rate mortgage (ARM), a mortgage refinance can allow you to escape your rising interest rates and secure a fixed rate mortgage in its place. In addition, if you have private mortgage insurance (PMI) and your current equity is more than 20% of your home's value, you will no longer need your insurance and can drop it.
A mortgage refinance may be your best solution for paying off debts, saving money, and lowering your monthly bills. Please follow the link below to begin your mortgage refinance quote through our secure online form.
Find the best mortgage refinance rates
6 easy steps to secure your ideal interest rate
Refinancing: Should you pay points to get a lower interest rate?How to determine if spending extra now will help you dig out of debt
Make Sure Refinancing Is The Right Move For YouRefinancing to a lower rate can help you reach your financial goals, but it is still pays to be sure before you sign on for a new loan.
Getting the most from your home's appraisalThe higher your home value the lower your interest rate
Should You Refinance to a Shorter Term?Refinancing at today's low mortgage rates can help you save every month, but shortening the term of your loan as well can reduce your overall debt substantially.
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