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. Since mortgage rates at an all-time low, refinancing has become a hot topic for homeowners as a refinance could lower the interest rate on a homeowner’s mortgage and save them significant money in the long term.
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.