There are numerous reasons why people decide to refinance their mortgages with the most common reason for refinancing a mortgage is to save money. A refinance could save you thousands of dollars in interest, or save money on your outgoing monthly expenditures if you use the refinance to consolidate other debts. Here’s a look at some of the various advantages a mortgage refinance provides:
1. Consolidating and saving on other interest costs. A really beneficial use of a mortgage refinance is to help reduce the amount of money you pay out each month on various accounts. If you can reduce the overall interest rate in the process, that’s an even greater benefit that you’ll feel over the long-term! If you have numerous credit cards with balances, the interest rates are eating away at your money, especially if they have high interest rates. Streamline your debt by paying off credit cards, auto loans and personal loans with your refinance and improve your monthly cash flow.
2. Lower the interest rate on your existing mortgage. If the market has improved since you obtained your mortgage and you could save two percentage points or more on your mortgage,...
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