Since mortgage rates at an all-time low, refinancing has become a hot topic for homeowners. There is a good reason for this: refinance could lower the interest rate on a homeowner’s mortgage and save them significant money in the long term.
As we have mentioned before, refinancing isn’t for everyone. Educating homeowners about the refinance process is an important service we provide at Alterna Mortgage. We will help you make the most educated decision as to whether a refinance right now makes sense for you.
In general, refinancing is paying off your existing mortgage with the funds from a new mortgage. Most homeowners refinance to take advantage of a lower interest rate on their new loan. Other reasons to refinance include switching mortgage companies, changing the terms of a loan, or getting rid of mortgage insurance.
Refinancing can also be a good way to get access to cash for home improvements, buy another house, or pay off debt.
Have questions? Feel free to reach out to Scott Bennett at 503-703-4699 or firstname.lastname@example.org to talk about your current situation.