Refinancing Your Mortgage Can Lead to Savings & Other Benefits
When you refinance your home mortgage, a new one replaces the existing one. With the new mortgage, you get the ability to customize aspects such as the loan term, the type of interest rate, as well as the amount you wish to borrow.
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Refinancing Your Existing Mortgage May Come With Multiple Benefits:
Lower your interest rate.
Reduce the term of your loan and possibly build equity faster.
Get greater financial flexibility by reducing your monthly payments.
Switch from an adjustable rate mortgage (ARM) to a fixed rate mortgage to potentially benefit from a lower interest rate.
Pay off high-interest debt from credit cards, personal loans, student loans, auto loans, home renovations, and more, or obtain additional cash in hand with a cash-out refinance.
While refinancing your existing home mortgage may lead to savings, making a switch will cost you some money. The cost of refinancing a home mortgage usually varies. If you want to avoid out-of-pocket expenses, you have the option of potentially rolling the costs into the new loan. There are also no cost options as well for those who do not want any closing costs. Estimates are provided in writing so get yours today!