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Are you wondering if you should refinance your home? Today’s refinancing options provide homeowners with the flexibility they may have been unable to achieve with their previous home loans. For example, lower interest rates can decrease your monthly mortgage payment, or you could switch to a more predictable fixed-rate loan to get the funds you need for an urgent expense.
For many homeowners, refinancing is a solution to get out of a less than stellar mortgage situation, but is it right for you? Keep reading for the info to help you decide.
Even if the refinanced loan only lowers the interest rate by 1%, it may be worth it to you in the long run. This is true only if you plan to stay in the home long enough to recover the refinancing costs. A new mortgage allows you to get rid of the private mortgage insurance (PMI), which is an additional financial benefit.
How can you know if refinancing is a good choice? It makes sense to refinance when you are experiencing the following scenarios:
At Midland Mortgage Corporation, our friendly experts are here to help you weigh the pros and cons of refinancing. If you are ready to move forward with a new mortgage product, we can help you find the perfect loan option to meet your needs. We have refinancing options for homeowners in all credit situations. Contact Midland Mortgage Corporation today to refinance your mortgage.