What are the Advantages of
When you refinance you pay off your
existing mortgage with the proceeds
from a new loan. Some advantages:
Many homeowners consider refinancing
as interest rates drop. Lowering
your interest rate can reduce your
monthly mortgage payments.
Pay off your
Refinancing to a shorter mortgage
term allows you to build your home
equity faster. You could save
thousands of dollars in interest
charges over the life of your loan.
Take cash out
of your property
You may be able to refinance your
first mortgage for more than what
you currently owe, allowing you to
take cash out of your property.