TIPS ON REFINANCING YOUR MORTGAGE

Did you know that refinancing your home can potentially save you thousands of dollars over the life of your loan? Most homeowners complete the home-buying process and don’t look back, but when should you consider refinancing your home and what are the benefits for doing so?

WHEN SHOULD YOU

CONSIDER A HOME REFINANCE?

 

When you want to move from (or into) an adjustable-rate mortgage

 

When you want to consolidate a first mortgage and a

home equity loan into one fixed-rate mortgage

 

When you want to add on or remodel but don’t

have the cash on hand to do it

THE BENEFITS OF

REFINANCING YOUR HOME

 

Lower your interest rate

 

Restructure the terms of your mortgage loan

 

Lower your monthly payment

 

Use the equity in your home to make home improvements

 

 

TRYING TO DECIDE WHETHER REFINANCING IS RIGHT FOR YOU?

 

 

 

It is important to consider the cost associated with refinancing when determining if it is the right decision for you. As with any

mortgage-related transactions, there are closings costs involved, and a borrower should determine if the savings will outweigh

the costs. This is usually only a factor when you don’t plan on staying in the home for a long period of time.

 

 

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