Most people refinance for one of the following reasons:
- You want to renovate your home
- You want to consolidate debts by rolling them into your home loan and reducing your monthly payments
- You want to get a lower rate to reduce your payment and reduce overall cost of the loan
- You want to utilize the equity of your home by taking cash out
- You want to switch from a adjustable rate to a fixed rate to ensure your payments remain the same and do not rise due to market changes
How to approach refinance?
You should start your refinancing with clear goals, whether you’re looking to reduce your monthly payments, free up cash or improve your home.
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