Trusting your Lender with a Refinance
When is the right time to refinance your home loan? Market conditions are an important factor to consider when refinancing your home. If interest rates have dropped since you first took out your mortgage, then you may be able to save money by refinancing.Rosanne Axtell15/11/20223 minutes read0 Replies
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Generally, if refinancing saves you money, helps you build equity and pay off your mortgage faster, it's a good decision. It's best to do this if you can lower your interest rate by half to three-quarters of a percentage point and plan to stay home long enough to recover closing costs.
Refinances allow you to change the terms of your original mortgage, which you may want to do for a variety of reasons. A purchase mortgage is the financing used to finance the original purchase of a home.