Are you looking for a way to finance your kids’ college educations? Do you dream of taking the vacation of a lifetime? Would you like to purchase a new vehicle and perhaps be able to deduct the interest from your federal taxes? Would you like cash for home improvements? Maybe you are interested in having a way to buy your new dream house while your current house is still on the market waiting to be sold? If any of these circumstances apply to you, you are probably thinking about getting a refinance mortgage loan.
What does it mean to refinance your mortgage?
As the name implies, it means that you renegotiate your loan. Usually, refinance mortgage loans are taken out by people who wish to tap into the equity they have built up by paying down the principal on their mortgage. For this reason, refinance mortgage loans are also sometimes referred to as home equity loans.
What exactly does it mean to have equity in your home? That means that your home is worth more than you owe. If the market value of your house is, for example, one hundred thousand dollars, but you only owe eighty-five thousand, you have fifteen thousand dollars worth of equity in your...
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