Refinancing a home is a big deal, and it’s something that most people don’t take lightly. But it can save you big bucks on your mortgage payments – so if you’re thinking about it, here’s what you need to know.
Refinancing Your Home: The Basics
Refinancing gets you a new mortgage loan at a different interest rate than what you had on the previous loan. You’ll have to go through a similar process to the one you went through with the original loan, including credit checks and providing proof of income.
It’s not for everyone, though. Refinancing usually only makes sense if you have a fixed-rate mortgage and interest rates are lower than what you’re paying now. Some lenders require you to have 20 percent equity in your home before they’ll allow refinancing, but not all do – just bear in mind that you may have to pay for private mortgage insurance if you don’t have that much equity in your home.
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