| What is refinancing?
Refinancing is the process of acquiring a new loan to pay off existing debt from loan proceeds using the same property as collateral.
Why refinance?
1. To save money - Refinancing can save you money by reducing monthly mortgage payments owing to lower interest rates and reducing the term of the loan.
2. To convert an adjustable loan to a fixed loan - When mortgage rates are low many people refinance to obtain the stability and security of a fixed loan.
3. To consolidate debt and replace high-interest loans with low-interest loans - Mortgage loans are tax deductible, while consumer loans are not. Debt consolidation offers tax savings for many people.
Should I refinance?
This is a complex question. While refinancing may be an excellent option for one person, it may not be for another. All First Mortgage associates are always available to meet with you to discuss whether refinancing is the right option for you. Call today and learn more about how refinancing your home can work for you.
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