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Refinancing a mortgage can be very beneficial. New mortgage products
and historically low interest rates have given borrowers more options
than ever before. In fact, if you find that today's rates are lower
than the rate you're currently paying, you may be able to save a
significant amount each month by choosing to refinance
your loan.
Some reasons to consider refinancing are to consolidate
a home equity loan or line of credit, to pay off high interest credit
cards and other debt or to pay off other loans. Refinancing a home
can also help reduce monthly payments and consolidate bills into
one easy monthly payment. In many cases, people save hundreds of
dollars a month!
Finally, refinancing your loan can allow you to
have the cash you need when you need it most. Talk to your lender
to find out if it makes sense for you to take advantage of a lower
rate while it is still available!
When should I refinance my loan?
To make an informed decision about whether
or not you should refinance your loan, ask yourself a few questions.
Discuss the following with your loan officer:
- Can I qualify for a lower rate?
- How much am I able to lower my rate?
- Will I save enough money overall for it
to make sense for me to refinance?
- What type of loan program suits me?
- How long will it take to recover the costs
of the loan?
- Do I want to pull cash out of my home for
vacations, to consolidate bills, to pay college tuitions, etc.?
- How long do I intend to live in my present
home?
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