| Refinancing means to pay off your current mortgage and/or home equity by replacing it with a new loan. This is not limited to just paying off current mortgages, but can also be utilized to consolidate debt as well. |
One would want to refinance to get a lower interest rate, shorten their current term, or consolidate their mortgage loan with other debt owned. (i.e. credit cards, autos, etc.) |
You may want to consider refinancing if there is a rate benefit. A person can refinance as early as 6 months after their initial loan. Often times, it would not be beneficial to refinance unless the new interest rate is 0.75-1% lower than the original loan. |
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