Refinancing a home loan mortgage involves current homeowners going through a process to change the interest rate and/or terms of their existing mortgage.
It essentially means making adjustments to their current mortgage without taking out a second or additional mortgage like a home equity loan or line of credit.
When homeowners refinance, they typically aim to secure more favorable terms, such as lower interest rates, which can lead to reduced monthly payments and overall cost savings on the home loan. Refinancing allows borrowers to adapt their mortgage to better suit their financial needs and goals.
By refinancing, individuals can potentially benefit from lower interest rates, switch from an adjustable-rate mortgage to a fixed-rate one for stability, consolidate debts at a lower rate, or even access cash by tapping into the equity built in their homes. The decision to refinance should be based on careful consideration of current financial circumstances and long-term objectives.
Contact us and we can guide you to understand any potential benefits.
NMLS#70160