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Reason #1 – Interest Rates Are Going Up. In 2018, the Federal Reserve raised interest rates for the sixth time since the financial crisis of 2008. Rates are expected to continue rising this year and beyond. If you want access to lower rates than you currently have on your mortgage loan, now is absolutely the time to look into refinancing.
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People typically refinance when interest rates decrease. Whatever the reason, if you qualify for a lower interest rate than your current mortgage rate, you can potentially save thousands of dollars over the full term of your loan.
Refinance to lower your interest rate. Refinance to lower your payment. Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving tens of thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per month that could be saved or invested.
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Refinancing while rates are low can potentially save you big bucks but it’s not always the right move. Before you call up your mortgage lender, SmartAsset has a few reasons why you might want to put your refinance plans on hold.
A mortgage refinance can certainly help you keep more cash in your pocket but you need to weigh the pros and cons before you sign on the dotted line. If you’re wondering whether now’s the time to take out a new home loan, here are three reasons why it makes good financial sense.
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A mortgage is a loan from a bank or other lender that helps a borrower purchase real estate. The property you buy is used as collateral, so if you default on the loan, the bank can seize it and sell it to recoup some or all of its losses. A mortgage refinance trades your current mortgage for a new one. The lender pays off the old loan, and you.
The most common reasons to refinance your mortgage are to lower your monthly payments by reducing your rate or term, particularly if you bought your home when rates were higher.