Many people are doing it, but should you? Getting a new mortgage to replace the old one could be very sound advice but not every time. Here are some things that you could gain if you refinance your mortgage.
Lower Interest Rates
One of the best reasons to refinance is to be able to get a better interest rate and lower your monthly payments. This, of course, leads to more savings. Since the interest rates on mortgages changes every day, it is always a good idea to keep one eye on those changes. When the interest rates drop more than 1% lower than what you already have, it is one indication that you can save some money.
Save Some Money
The amount of money you can save by a lower interest rate, however, is not all that can be gained. In fact, you could save much more if you also reduce the amount of time left to pay off the mortgage. By keeping your payments about the same and shortening the time by at least five years, you could save additional tens of thousands of dollars more.
Get Your Equity
At the same time that you refinance your mortgage, you can also get access to some of your equity. A cash out mortgage refinance will enable...
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