MORTGAGE REFINANCING
Advantages of Refinancing:
- Lower Interest Rates: Refinancing your mortgage can help you secure a lower interest rate, which can save you money on interest charges over the life of your loan.
- Reduce Monthly Payments: Refinancing your mortgage can also lower your monthly mortgage payments, which can free up cash flow for other expenses.
- Shorten Your Loan Term: Refinancing your mortgage can allow you to shorten your loan term, which can help you pay off your mortgage faster and save on interest charges.
- Access to Equity: Refinancing your mortgage can also give you access to the equity in your home, which you can use for home improvements, debt consolidation, a down payment for a second property or other expenses.
- Change Your Mortgage Type: Refinancing your mortgage can also allow you to change your mortgage type, such as switching from a variable rate to a fixed rate or vice versa, which can offer additional benefits based on your financial situation.