October 3, 2022
By : Quick Insurance Guru
Mortgage refinancing can save you money. Set your home refinance goal, then compare rates and fees.
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By : Quick Insurance Guru
A mortgage refinance replaces your current home loan with a new one.
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By : Quick Insurance Guru
Often people refinance to reduce the interest rate, cut monthly payments or tap into their home’s equity.
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By : Quick Insurance Guru
Others have a choice of refinance a home to help pay the loan faster.
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By : Quick Insurance Guru
You're responsible for paying for the mortgage, when you buy a home. The money goes to the home seller.
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By : Quick Insurance Guru
When refinancing a home, you get a new mortgage.
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By : Quick Insurance Guru
Instead of going to the home’s seller, the new mortgage pays off the balance of the old home loan.
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By : Quick Insurance Guru
Although you must meet the lender's requirements for the original mortgage, mortgage refinancing requires you to meet them.
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By : Quick Insurance Guru
You file an application, go through the underwriting process and go to closing, as you did when you bought the home.
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By : Quick Insurance Guru
Reduce the monthly payment.
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When your goal is to pay less every month, you can refinance into a loan with a lower interest rate.
Tap into equity.
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When you refinance to borrow more than you owe on your current loan, the lender gives you a check for the difference.
Pay off the loan faster.
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When you refinance from a 30-year mortgage into a 15-year loan, you pay off the loan in half the time.
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