Your first step is to determine what you want to achieve through a refinance. Think of it as a restructuring of your debt and you’ll have a sharper focus on which approach might work best for you. For example, one common reason to refinance is to reduce interest expense, while another strong motive is debt consolidation. Some homeowners want to extend the loan over a longer period to get a lower monthly payment, while others combine a first mortgage and a home equity mortgage into one fixed-rate mortgage to level out the payment over loan’s term. |
You work hard. With today’s lower interest rates, keep more of those hard-earned dollars in your pocket. Start saving money again.
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Take advantage of your home’s equity to access cash for home improvements such as a bathroom remodel or that garage you have been wanting, or for buying a second home or investment property.
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then you expected:
Shorten the term of your loan and get that mortgage paid off while building up your home equity .
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Whether you are paying off credit cards, personal loans or other debt, they all have interest. The only debt that is tax deductible is your home mortgage. Therefore, consolidate your debt by rolling all of your monthly bills into one convenient payment and focus on getting your home paid off quicker.
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that fits your current situation:
Perhaps your financial situation has improved since you obtained your current loan. Get into the right loan program that best meets your needs today.
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Have a child who is applying for college or getting married? Refinancing can help you with the finances you need for life events – from braces for your kids to making room for a new baby!
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