Wednesday, February 8, 2012 - Article by: RALPH RICHARD GUERTIN - Regent Mortgage Corp -
If you have been considering refinancing your home it is only natural that you have questions. Here are the answers to some of the most frequently asked ones:
What are the Benefits of Refinancing Your Home?
Homeowners usually benefit from refinancing when they need to pay off high interest debt, lower their monthly mortgage payment or shorten the term of their mortgage loan or even to tap the equity built up in their home to make home improvements.
When is the Best Time to Refinance?
Although each individual case is different usually the best time to refinance your home is often under one of the following conditions:
These are only the some of the common situations when refinancing your home makes sense. A loan officer will be happy to discuss whether refinancing your home makes sense for you.
Are Cash Out Refinances a Good Idea?
Opting for a cash out refinance can give you the money you need to pay off high interest credit card bills or to fund home improvement projects. If you have built up sufficient equity in your home you may have this option available to you.
How Much does Refinancing a Mortgage Cost?
A mortgage refinance comes with many of the fees and costs attached to it that your original home loan did. You may have to pay settlement costs, appraisal fees, lender's title insurance and other costs. One of our loan officers can help you determine just how much it will cost you to refinance your home before you make a final decision, as a general rule of thumb, anytime you can break even on lower monthly payments by lowering your interest rate in less than 2 years it's a good DEAL.
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