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Why Refinance Your Mortgage?  

If you are someone that has a mortgage, you have probably heard about the big refinance boom that has been happening around the nation.  If you haven't had a mortgage refinance in a while, or if you have never had a mortgage refinance, you may be wondering why a person would want to refinance their mortgage?  If this is the case, here are a few points to consider which answers the question of why you should refinance your mortgage. 

First, mortgage refinancing is a very smart thing to do when rates are low.  The reason for this is that you pay a lot more mortgage interest over the life of the mortgage loan when the interest rate is high.  By lowering the interest rate, you can save thousands of dollars over the life of the loan, meaning that when all is said and done, you will have paid less money.  To many people, this is important as people want to get the best deal possible on their home loan. 

Another upside to refinancing your mortgage at a lower rate is the lower mortgage payment that you will be expected to pay. When the rate goes down, so does your mortgage payment.  Refinancing is a great option for people who have had a career change, lowered income amounts, and who just want to save money each month.  A mortgage refinance can accomplish all of these things as it takes your current amount and allows you to stretch it over 15, 20, or even 30 years at a fixed rate.  

Another great reason to take advantage of a mortgage refinancing option is if you have bad credit.  Things in life can change pretty quickly, and if you already own a home, you may think that refinancing isn't an option due to your bad credit.  This is not the case as there are several bad credit mortgage refinance options that you can take advantage of to lower your payment.  Many people who own a home and that have bad credit cannot afford their mortgage payment.  This is due to the type of loan that they already have on their home.  Through government help, and government loan modification laws, you can get a bad credit mortgage product that will reduce your monthly payment, and get you on the road to improving your credit. 

As you can see, there are several reasons why a person would refinance their home.  If you want to save money, get a lower rate, or if you need some relief, getting a mortgage refinance is a good thing to do. 

 

  10 Steps to Home Ownership:

Step 1: Are You Ready?

Step 2: Hire a Realtor

Step 3: Get Loan Pre-approval

Step 4: Search for Homes

Step 5: Choose a Home

Step 6: Obtain a mortgage

Step 7: Make an Offer

Step 8: Insure Your Home

Step 9: Close the Deal

Step 10: Avoid Foreclosure

 

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