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One of the best reasons to refinance is to lower the interest rate on your existing loan. Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by.

Some borrowers refinance their mortgage to lower their interest rate. Market rates may have fallen since you got your loan, or your financial history and assets may have changed since then. Many.

There are five primary reasons why people refinance: To get a better rate if rates are lower than when they purchased their home. To change the term of their loan. For example, if someone has a 30-year mortgage and they want to pay it off quicker, they might refinance into a 15-year loan. To borrow additional funds.

Borrowing money for a mortgage has never been cheaper than it is now, and the addition of this new law means that home owners.

When one spouse wants to keep the home, the mortgage can (and should) be refinanced in their name only. Of the options, an assumable mortgage is the one that people. Why Wealthy People Refinance Their Mortgages – I want to Refinance My Home; I am a First Time Home Buyer;. Why Wealthy People Refinance Their Mortgages.

Since 1996, US Mortgages has been helping home buyers make their dreams come true. From purchasing first homes to refinancing homes to meet financial goals, US Mortgages takes great pride in never offering a loan that doesn’t benefit the borrower.

Talk to your home loan expert about any possible mortgage options you. Here are the most common reasons people decide to refinance:.

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Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies. Most people refinance when they have equity on their home, which is the difference between the amount owed to the mortgage company and the worth of the home.

The majority of homeowners refinance the rest of the balance on their mortgage for a lower interest rate and an affordable loan term. (The loan term is the number of years it will take to repay the.

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