As rates remain low, homeowners may consider taking advantage of refinancing their mortgage. Refinancing means your current loan is paid off and replaced by a new loan with new terms.
So, what do you need to know about refinancing your mortgage? Refinancing can be a smart money saving option if you are able to refinance at a lower rate than your current loan. Benefits of refinancing can include:
- Reducing your monthly payment
- Revising the type of loan or terms of the loan
- Accessing funds for home improvement projects or repairs
Before refinancing, consider your current loan type and rate, how much equity you have, your current and future needs and access to closing costs. A mortgage banker or lender can help you investigate your options.
New technology has also made it much more efficient to review current mortgage rates, calculate your loan and apply to refinance or get a mortgage for a new home purchase.
Get more information on simplified home financing or apply today.
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