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 … (3 comments)
REFINANCING ON YOUR HOME LOAN
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