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Acenden Mortgages offers a Quick Guide to Mortgage Refinancing

Acenden Mortgages offers a quick guide to mortgage refinancing Refinancing a mortgage consists of exchanging the current terms of your mortgage for a new set of terms. Although many homeowners assume that it will be difficult to convince their lender to do this, many lending institutions are open to discussions regarding refinancing, as they know that they risk losing custom, if the borrower is refused and decides to refinance with another bank. Although from the borrower’s perspective, it pays to shop around and look for the best refinancing deals, more often than not, their current lender will offer them the best terms. Most people only consider refinancing when they’re having difficulty making their monthly mortgage payments. Refinancing is primarily used as a tool to help avoid repossession and to lower the amount owed to the lender each month. If interest rates have fallen since the borrower first took out a mortgage, there is a good chance that they could refinance at that reduced interest rate, and save themselves thousands, over the course of the repayment period. The terms of the Acenden interest rates may also be up for negotiation during a refinance; the lender may be willing to change the terms from adjustable to fixed rate. Having a fixed rate of interest can be helpful for those who are on a tight budget, who need to know exactly how much they will owe every month. It also provides them with peace of mind, as they know there won’t be any surprise spikes in the interest rate in the future. There are a couple of things which the borrower should bear in mind before considering a refinanced mortgage. There are certain costs associated with refinancing; check the new terms for penalties relating to early payment, and look out for fees which might end up countering the savings a refinancing would create.


Acenden Mortgages offers a Quick Guide to Mortgage Refinancing  

There are a couple of things which the borrower should bear in mind before considering a refinanced mortgage. There are certain costs associ...

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