When you remortgage you home you, just as the name you imply, get a new mortgage that replaces the existing one. This is usually something that takes place when the market interest rates drop down below what you are paying. Most often this is something that is considered by homeowners who hold fixed rate mortgages.
The Helps
Remortgaging can be helpful in quite a few different ways. It is a good way to lower monthly payments, lower overall cost of the home, and consolidate debts.
Lower Monthly Payments
One option that you have with a remortgage is to take the existing remaining balance and extend the term of the mortgage. For instance, you are 15 years into a 30-year mortgage and you have paid off $40,000 of a $120,000 mortgage. You can extend the loan term back out to 30 years on the remaining $80,000 and, in doing so, cut your monthly payments by a sizable amount.
Lower the Cost of the Home
That heading is deceptive; you will not actually lower the cost of your home. You will, however, lower the amount of money that you pay for it. When you remortgage you can take the existing balance that you carry and simply replace the interest...
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