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Real Estate Blog for Buyers & Sellers

There are a multitude of reasons why a homeowner may be considering refinancing their mortgage. However, before any final decisions are made it is always a good idea to consider carefully whether refinancing is a good idea for you.


What is refinancing?


To refinance means to apply for a new loan on your current mortgage. Due to the fact that you are applying for a new loan, you will need to supply your lender with all of the details necessary for refinancing - this will include credit history, income history, your assets and the appraisal of your home to name just a few.


Reasons why most people refinance


The vast majority of mortgage refinances are completed in order to obtain a lower interest rate on a mortgage. After all, a lower interest rate can potentially save you thousands of dollars over the life of the loan.


Some other reasons to refinance a mortgage would include: 


1.Stabilizing a monthly payment: Some homeowners opt to refinance their mortgages to switch from an adjustable-rate...

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