Home Mortgage Tips , ,

Mortgage Terms 101: Understanding ‘Cash-Out Refinancing’ and How to Determine if It’s Worth It

With interest rates remaining near historic lows for the past several years, many of your friends and neighbors may have already told you that they have refinanced their home mortgages once or even a couple of times. A cash-out refinance can provide you with several important benefits, but it is not the best option for all homeowners. By learning more about what a cash-out refinance is and what the pros and cons of this type of refinance loan are, you can make a decision that is best for your current and future plans. What Is a Cash-Out Refinance? When you…
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Home Mortgage Tips , ,

An Insider’s Guide to Reducing Your Remaining Mortgage Years Through a Smart Refinance

Is it always the best idea to pay off a mortgage over 30 years? While it may help a homeowner lower his or her monthly payment, it can mean paying more in interest and waiting several more years to build sufficient equity in the home. The question is...how can a homeowner reduce the amount of time it takes to pay off a mortgage by refinancing his or her loan? A few methods for reducing your mortgage term are explained below. Refinance From A 30-Year Mortgage To A 15-Year Mortgage For those who don't want to wait any longer than necessary…
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