4 Reasons It May be Time to Refinance (Video)

There are many reasons that homeowners will choose to refinance an existing mortgage. Each one is a personal financial decision that will usually have a long or short term goal. The 4 most common reasons to refinance are:

-refinancing when rates are low to reduce the monthly payment

-refinancing to shorter term loans in order to pay off the mortgage quicker

-consolidating other higher interest debt

-to make home improvements, repairs or use for other personal reasons

Most cases of refinancing are simply rate and term refis where there is no cash taken out. When a homeowner is looking to use the equity in the home, such equity must be available and will be revealed through an appraisal. The video explains further the reasons that most homeowners choose to refinance to another loan, as well as, what to consider when choosing the options available.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.