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Refinancing replaces your existing loan
with another lower interest rate loan for the same amount. This can save
you tons of money when market interest rates drop 1 or more percentage
points lower than your present rate. Refinancing can be used to reduce
your interest rate, change the term of your loan, or to consolidate your
debts.
Refinance to Consolidate Debts:
With equity in your home, refinancing is the smartest way to consolidate
your debts. Some loans use your home as collateral. Refinancing, on the
other hand does not. You can just throw your debts into the amount owed
when you refinance. One monthly payment; one low interest rate.
Refinancing is the best route to take because the interest rates are
lower than any of your other consolidating options. If you have a lot of
equity and good to excellent credit, then a mortgage refinance is your
best option.
Change your Adjustable to a Fixed rate:
Rates are at a 40-year low. Changing your adjustable rate to a fixed
rate is a smart idea. Refinancing is the best way to do this. Don't be
caught in a tailspin as rates begin to rise- let a lender help you
today! Hurry, before rates go up! Refinance Now!
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