Today it is becoming more and more popular to refinance your original mortgage. But, is this right for you? How do you know whether youre taking advantage of a great deal or letting yourself in for financial problems? Read on for tips to help you make an educated decision.
First, understand that refinancing your mortgage means you take out a new loan on the amount of money you owe on the existing mortgage based on new terms and pay off the old loan with the proceeds from the new loan.
Depending on the terms you obtain for your refinanced mortgage you may be able to obtain a lower interest rate than your original loan. This can be advantageous in a number of ways. First, it means you may be able to lower your monthly mortgage payments, which can be handy if you need to lower your monthly debt obligations. If you wish to keep your monthly mortgage payments the same, you could also pay off your home sooner with a lower interest rate. Over the course of your loan this could translate to major savings.
In addition, with a lower interest rate you may also be eligible to receive cash back. This money can be used to make repairs on your home or consolidate...
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