What About Refinancing Your Mortgage?

Refinancing is the process of obtaining a new mortgage with all or some portion of the proceeds used to pay off the original mortgage.

Refinancing can be a good idea for homeowners who:

• Want to lower monthly payments by getting a lower interest rate loan.
• Want to convert from an adjustable-rate mortgage (ARM) to a fixed-rate loan for the certainty of knowing exactly what the mortgage payment will be for the life of the loan.
• Want to build up equity more quickly by converting to a loan with a shorter term.
• Want to draw on the equity built up in their house to get cash for a major purchase or for their children's education.

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