3 Answers to your loan mortgage refinance questions.
What is a loan mortgage refinance?
A loan mortgage refinance is when a homeowner refinances their existing home mortgage loan for a new one. The initial mortgage loan is rolled into a new loan.
Does it make sense to refinance my home to pay off my debts?
Using the equity in your home to pay off debts is a very personal and individual decision. You should consider the advantages and disadvantages, and consult a mortgage specialist before making a decision that is based on your individual needs. While rolling all of your debts into one payment will reduce your total monthly expenses, and lower your interest rate, the life of your short term loans will be extended.
Why should I refinance my mortgage?
Homeowners typically refinance their existing mortgage to lower their monthly payments, lower their current interest rate, reduce or increase the length of their existing mortgage, gain access to the equity in their home for repairs or home improvements, or to obtain a better interest rate.
For the answers to your questions about loan mortgage refinance, contact the expert loan specialists at Midland Mortgage Corp.
Call 803.765.1680 or toll–free at 800.854.9484 today.