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Refinance Mortgage |
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| You've probably heard it often -- another friend or neighbor has refinanced and is enjoying lower monthly mortgage payments. You may have read headlines that talk about mortgage interest rates reaching historical lows. So, you ask, is now the best time to refinance my mortgage? Refinancing is essentially paying off your existing mortgage and taking out a new one. This section discusses the basics of refinancing, such as the reasons for refinancing and the steps involved. It also discusses your financing options. After you understand these basics, 1st Rate Mortgage can discuss the details further and help you get the refinancing process started. |
Why Refinance my Mortgage?
Homeowners choose to refinance their mortgage for a wide variety of reasons. Some of the most popular ones are to:
- Obtain a lower interest rate
- Build equity faster
- Change loan type
- Take advantage of an improved credit rating
- Draw on equity already built in the home
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