Introduction â—?
If you find a better mortgage rate than your existing rate then refinancing can help you obtain a lower rate. However, before you apply for a refinance, it is important to understand the basics of refinancing and the best time to apply for a refinance. This presentation explains the know-how of Refinancing.
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❖ Why You Should Refinance? ● ● ● ● ●
To get a lower interest rate. To reduce the term of their mortgage. To convert from an adjustable-rate mortgage (ARM). To a fixed-rate mortgage. To tap a home’s equity in order to finance a large purchase or to consolidate debt.
â—? Refinance to Secure a Lower Interest Rate
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This is one of the big reasons to refinance. You can shorten the interest rate on your existing loan. This will help you to: o Save money o Improve the rate at which you build equity in your home o Reduce the size of your monthly payment
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� Refinance to Shorten the Loan’s Term -
Gives you the opportunity to refinance an existing loan for another loan. Refinance without much change in the monthly payment and shorter term. You can close your loan faster.
â—? Refinance to Consolidate Debt
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Homeowners refinance to consolidate their debt. It’s a smart decision to replace high-interest debt with a low-interest mortgage. You should consider this step only if you can resist the temptation to spend once the refinancing relieves you from debt.
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Refinancing can be a great financial decision if it reduces your mortgage payment, shortens the term of your loan, or helps you consolidate your debts more quickly. For more details visit : https://www.drewmortgage.com/best-time-to-refinance-home-loans/
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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
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