Have no idea what exactly Mortgage Refinancing is? No worries, Mortgage Merchant can explain that to you. Mortgage Refinancing is getting a new home loan to pay off your existing loan.
This may sound something weird as why to get a new loan if we already have one. But, Mortgage Refinancing can offer a lot of benefits that makes it profitable. Here are some of them:
- Mortgage Refinancing will help you get a low-price mortgage and you no longer have to pay monthly payments of high interest rates. This will help you in saving money too.
- Mortgage Refinancing lets you to access more than 50% of your property’s equity. This can further add to your savings as money can be used in enhancing your house or in the education. This type generally falls under the category of Home Equity Line Of Credit.
- With Mortgage Refinancing, you can either extend or cut down your loan terms.
- Mortgage Refinancing also allows you to take advantage of either variable– or fixed-rate mortgages, depending on what interests you.
Now the question arises, how can you determine whether you need Mortgage Refinancing or not? We have a simple solution for this.
You can call our mortgage broker who will determine if Mortgage Refinancing is favorable for you or not.