Refinancing your existing mortgages has many advantages like lowering the monthly payments or interest rates paid. The latter is in fact one of the most important reasons for opting for refinance. Thus a vital point to be considered while taking a mortgage refinance is mortgage refinance rates.
Mortgage refinance rates depend upon various market factors as well as your personal factors as a borrower. But mortgage refinance rates mainly depend upon the interest accrued on the refinance loan. The mortgage refinance rate is expressed as the Annual Percentage Rate (APR). APR is the total amount of money repayable by the borrower to the lender on a loan, per annum.
It will also depend on the kind of mortgage refinance loan you would choose. The different kind of mortgage refinance options available can be broadly classified on the basis of:
-Fixed mortgage refinance rate: Various fixed rate refinance include 30 year fixed mortgage refinance, 20 year fixed mortgage refinance, 15 year fixed mortgage and 10 year mortgage refinance, etc.
-Adjustable mortgage refinance rate: This category includes 1 year ARM (Adjustable Rate Mortgage), 3/1 ARM refinance, 3/1...
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