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Your Refinance Questions Answered
REFINANCING ON YOUR HOME LOAN
Questions answered by Keith Wimberly at Louisiana Mortgage
 
Q: Why should someone consider refinancing his or her home loan?
 
A:The common reasons to refinance are to lower your payment, lower your interest rate, consolidate debt, cash out on equity, divorce settlements and converting an ARM to a fixed rate. When someone refinances to lower their payment they usually end up with a lower rate and longer term, but in some instances, refinancing to a shorter term will result in a lower payment.  Many refinances are done with the purpose of consolidating debts which might include paying off multiple mortgages, credit cards, installment loans, student loans, etc.  A customer that chooses this option has now lowered their total monthly debt outflow while lowering their interest rate.  I have personally seen this positively affect several families since it then results in a more manageable debt payment.  Some people choose to get cash out when they refinance for many different reasons including home improvements, school, savings, vacations or to purchase investment properties.  Many mortgages are unfortunately taken out of necessity since divorcees may be forced to take their ex-spouse off the current loan or because they have ... more

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