Did You Know You Can Refinance Your Mortgage?

Did You Know You Can Refinance Your Mortgage?

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Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies.

3. Refinance your mortgage. You can shorten or extend the amortization period when you refinance. When you refinance, your payment schedule is recalculated to reflect the new terms. If you can lower your payments by finding a lower rate, you could consider putting some of the money you save, towards the loan to pay it off faster.

Did you know you can refinance a mortgage? You often hear about it for auto loans, or even student loan payments, but you have the option to do so for a mortgage as well. If you’re wondering about good reasons and benefits to do so, wait here. Read some insight about it from our very own loan officers.

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You might be able to refinance. There are far more than five mortgage facts you should know. If you need more information, you can get free or low-cost advice from the U.S. Department of Urban Development (HUD) approved counseling agencies. Remember not to.

Refinancing your mortgage can save you a. “Then do the same for the proposed loan, and add (refinancing) costs. That is the lifetime cost of the proposed loan.” Now, simply compare the two numbers..

With mortgage rates incredibly low, refinancing your mortgage. it means paying PMI? Or should you wait to refinance until you have more equity and can avoid PMI — and risk getting stuck with.

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Mortgage refinancing is all the rage when interest rates drop. rates don’t have to drop very far, either, before scores of home owners decide that refinancing their mortgages makes sense. But it doesn’t always make financial sense to refinance. Sometimes, mortgage refinancing is the worst thing you can do.

In some respects, the mortgage lending industry is working against your best interest. If you are deemed a qualified borrower, a lender is prone to approve you for the maximum it believes you can afford. But in some cases, that amount may be too generous. Buying a home always means dealing with big numbers.

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