More and more people are finding it advantageous to get a home mortgage refinance. What are the advantages of refinancing and what should I expect out of it?
If you already have bought yourself a home, then you most probably know about the concept of home mortgage refinance. If you have not, for one reason or another, refinancing (“re” + finance) simply refers to the process of taking on a new mortgage as replacement of an old one, made with the same collateral.
Applying for a new mortgage loan qualifies you to get some extra cash, lower monthly payment and/or reduced loan terms. You can use this extra cash for home renovation, for education, or for other major purchases you deem necessary. The extent of financial benefits you can get will depend on individual financial conditions. However, in a general sense, home mortgage refinance offers the following great benefits:
-> Low interest rates. This is probably one of the most obvious advantages of refinancing. If market conditions are ideal, you may be able to reduce your interest rates by at least 3%.
-> Low monthly payment. With lower interest rates, you can expect to pay lower...
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