Reasons to Refinance
Consolidate high-interest debt by refinancing with a low mortgage rate
Guidelines for Refinancing
Refinance is done while keeping your financial goals in mind. Generally, refinancing a home is considered to lower the interest rates or to minimize your monthly payment. Let us look at some refinance options to lower your payment such as locking in a lower interest rate, or stop paying your mortgage insurance, and receiving a longer-term loan.
However, before refinancing, lenders will review your credit score. If the credit score is low, you would be charged a higher interest rate.
Some people opt for refinancing, which is not advisable as it adds to the total debt; and thereby increases in time and the cost of repaying the loan. Contact our mortgage loan experts to get more insight.