Have interest rates dropped since you first bought your house? Are you in a considerably better place financially and credit wise than you were when you first got your mortgage? Are you looking for a way to lower your monthly mortgage or loan payments? If any of the above are true, then it may be time to take a closer look at a refinance mortgage.
A refinance mortgage, or ‘refi’ as it is popularly referred to, is a loan taken out specifically to pay off an existing loan for the purpose of lowering your current monthly payments – or reducing the total amount of interest that you’ll pay. Refi loans become more popular when interest rates drop significantly, though there may be good reasons for you to consider a refinance mortgage loan even if the general interest rates have remained the same or increased. How does refinancing your current mortgage lower monthly payments and when should you consider a refinance mortgage loan?
Suppose that you bought your house with a mortgage loan from a local lender. Because of your lack of credit history and your decision to put down a small down payment, you ended up with an interest rate that was slightly...
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