Refinancing is the process of replacing an existing mortgage with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage.
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Refinancing will help if your current payment is high, your current interest rate is higher than current rates, you need to consolidate debt, or you want to own your home in a shorter period of time.
Interest rates are at historic lows. Monthly payments depend on your current interest rate. Lowering your interest rate by just 1% can save you hundreds each month.
Equity increases naturally as you pay down your mortgage balance. You can also help it grow by completing home improvement projects or renovations..
You can use cash-out-refinance to make renovations on your house. This is one of the quickest ways to increase the value of your home. You can also use the money to pay for college and to pay off debt!