3 Signs To Refinance Your Mortgage

Posted onAugust 07/2017By

Refinancing your mortgage simply means replacing your existing mortgage with another one. Homeowners often refinance their mortgages in order to get better interest terms and lower mortgage rates. When you refinance your mortgage, your existing mortgage doesn’t simply disappear. Rather, it is paid off and a new loan is created. You may be thinking of refinancing to get lower mortgage rates, or perhaps you’d like to change your interest terms, for instance, from a variable to a fixed rate. Here are some signs that it could be a good idea to look into refinancing: 1. Current Interest Rates Are Lower Most lenders advise the best time to refinance is when the interest rate is at least two percentage points below your existing mortgage rate. If the current interest rate is substantially lower, refinancing can be a good way to save money. By getting a lower mortgage rate, you will be…

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