Is it a Good Time to Refinance Your Home

Is it a Good Time to Refinance Your Home

Thursday, September 24, 2020

With interest rates trending downward over the last several months, refinancing is all the rage. For many homeowners, refinancing an existing mortgage to a home loan with an interest rate that’s at least a full point lower than their current rate, can carve hundreds of dollars off their monthly payment. This can easily add up to tens of thousands of dollars in saved interest paid over the life of the loan. Although refinancing may not always be a good idea, here are five great reasons to refinance a home loan. 1. Lower Monthly Payments In difficult times, refinancing to a mortgage with a lower interest rate can save you money each month which could help you meet with your overall expenses. Be careful to know all the closing costs going into refinancing your home and to compare rates ...

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