According to The Mortgage Reports, “Refinancing works by giving a homeowner access to a new mortgage loan which replaces the existing one. The details of the new mortgage loan can be customized by the homeowner, include the new loan’s mortgage rate, loan length in years, and amount borrowed. Refinances can reduce a homeowner’s monthly mortgage payment, access cash for home improvements, and cancel mortgage insurance premiums, among other uses.” Now that you know what refinancing is, the real question remains: Is it a good option for you?
Reasons To Refinance Your Home
- You Want To Shorten Your Loan’s Term
- You Want To Secure A Lower Interest Rate
- You Want To Consolidate Debt