![]() ![]() ![]() If you take the time to shop around and find the right refinance mortgage lender for your needs, not only are you more likely to get your best possible interest rate, but you may be able to decrease your monthly payments, too. When rates are at a market low, refinancing can potentially save you thousands of dollars. Some of the most common scenarios for this are: When mortgage rates have gone down. Refinancing makes the most sense when it will lower the overall cost of your mortgage. Let’s take a look at some of the most important questions to consider. You’ll want to ensure that the pros outweigh the cons, and that it’s the right decision-and the right time-to refinance. However, it’s important to understand a few basic points before you jump in and start the refinancing process. Refinancing your mortgage can be a tempting prospect for a variety of reasons, including lowering your monthly payments, taking advantage of a lower interest rate, or folding other debts into one larger loan. So what is refinancing, exactly? Simply put, refinancing a mortgage means paying off an existing loan to replace it with a new one. Naturally, many homeowners are wondering if now might be a good time to refinance. In April, they were still hovering below 3 percent, with a 30-year fixed rate of 2.97 and 15-year fixed at only 2.29. In the first week of 2021, mortgage rates across the U.S. ![]()
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