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.

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