5 Reasons to Refinance Your Mortgage

US long-term mortgage rates fall; 30-year average at 3.82% WASHINGTON (AP) – U.S. long-term mortgage rates fell for the sixth consecutive week, with the key 30-year loan average running below 4% and at its lowest point since September 2017.Homeowners are looking to refinance their mortgages. Should you? – WTOP With the average 30-year fixed mortgage rate now climbing over 4.7%, it’s no surprise that many homeowners are looking for ways to pay their mortgage. them and explain when you may not want to.

5. You Need to Tap the Home’s Equity If you need to finance big expenses like starting a business, buying an investment or secondary property or covering a child’s education costs, refinancing your.

Refinancing for the wrong reasons 1. cash-Out Refinance "Cashing out" refers to borrowing money against the equity that has built up in your home since you last negotiated your mortgage. Cash-Out Refinance for New Purchases Consider a couple that bought a home five years ago for $150,000 with a $112,500 30-year mortgage at 6%.

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Of course, there can be other reasons to reset your home loan – such as a cash-out refinance to tap your home equity or a refinance to eliminate mortgage insurance premiums. and started out with a.

Refinance and the Mortgage Term. Getting a rate that reduces your monthly payment while being low enough to offset the costs of refinancing is one common reason to refinance. Whether your refinance includes a cash-out or not, it is important to keep the mortgage term at.

5 Reasons to Refinance Your Mortgage.. We want to give you 5 reasons why you should refinance your loan and also let you know when refinancing may not be the best idea. Take Advantage of Lower Rates; This is a very popular reason to refinance. The idea behind it is simple.

TOP 5 REASONS TO REFINANCE YOUR MORTGAGE There are so many reasons why most people refinance their loans. Here are the Top-5 reasons why they do and why you should too: 1. Lower the monthly payment. You can lower your monthly expense by stretching out your mortgage repayment over a longer term and / or by dropping your interest rate.

So, how can a mortgage loan refinance help you achieve your financial goals? Here are the five of the most common reasons to refinance your.

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A reduction in interest rates is the most viable reason to refinance a mortgage. With lower rates, you can reduce your monthly payments significantly. Consider this: if you took out a mortgage of $300,000 at a fixed rate of 6.2% for 30 years and five years later, mortgage rates reduced to 4%, this would be an opportune time to refinance your loan.