The most common reason that people refinance is to save money, but there are many other reasons why you should refinance.
1. What about refinancing to lower payment on a current loan:
You may be able to refinance your current loan at a much lower interest rate thus reducing your loan payments monthly. With interest rates at their lowest in years, you might be able to find some lower rates – sometimes far much better than what you are currently paying for your mortgage. Refinancing your mortgage or loan when rates are down could save you lots of money over the life of your mortgage loan.
2. Refinancing and Consolidating Debts:
Some choose to consolidate debts and refinance to replace loans of high-interest with a low-rate loan. Most loans being consolidated and or refinanced may include higher student loans, home loans and those bad credit cards. So, by refinancing and consolidating you will clear all your current loans and replace them with one low monthly payment with a better interest rate. Example of this would be on a 3,000 loan some homeowners can save in excess of $60 a month which is a big saving. A debt consolidation loan is one of the...
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