5 Bad Reasons to Refinance Your Mortgage More Mortgage rates have gone down in recent weeks, giving you an opportunity to refinance your home at an attractive rate, to lower your mortgage costs or.
For homeowners, refinancing your mortgage can lead to saving thousands of dollars over time. Below we have five reasons to refinance your mortgage with Colonial. Lower Your Interest Rate. The main reason why homeowners decide to refinance their mortgage is to lower their current interest rate.
5 Reasons to Refinance Lower interest rates -If mortgage rates have dropped since you first took out your loan, you could secure a lower rate by refinancing. Lower monthly payment -lowering your interest rate could have a dramatic impact on your monthly payment.
18 Reasons to Refinance Your Mortgage 1. To get a lower interest rate. 2. Because your borrower profile has improved. 3. To change loan products ( FHA to conventional ). 4. To reduce the loan term. 5. To increase the loan term. 6. To switch to a fixed-rate mortgage. 7. To go adjustable.
Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity.
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The goal of this article is to help your decision making and educate you on the pro’s and con’s of refinancing your home so you feel fully confident in your choice. The top 5 reasons to refinance 1. Shorten the term of your loan. Keeping track of loan term options and talking to a loan specialist could end up saving you tens of thousands of dollars.
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When your life circumstances change, here are five reasons you may want to consider refinancing your mortgage: To obtain a lower interest rate One of the most common reasons to refinance your mortgage is to secure a lower interest rate.
People commonly refinance to change the type of loan they hold, i.e. switching from an adjustable rate mortgage (arm) to a Fixed Rate Mortgage (FRM). With interest rates so low right now, this might be the perfect time to get locked into a rate since they may not stay this low forever.