Refinance Your Mortgage Loan at a Lower Rate
If it looks like the current mortgage rates are lower than what you originally had when you took on a mortgage loan or if your credit score went up or if you cannot afford the current payment, it may be time to refinance your mortgage!
Refinance Your Mortgage
at a Lower Rate:
A loan (debt) may be refinanced for various reasons:
1. To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
2. To consolidate other debt(s) into one loan (a potentially longer/shorter term contingent on interest rate differential and fees)
3. To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees)
4. To reduce or alter risk (for example, switching from a variable-rate to a fixed-rate loan)
5. To free up cash (often for a longer term, contingent on interest rate differential and fees)