November 2019
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6 Reasons Why You Should Re몭nance. Back to blog
There are many reasons to consider re몭nancing your current Mortgage (and many of which can be to your bene몭t). We’ve created a list of some of the most common (and some of the best reasons) to Re몭nance. Lowering monthly payments Perhaps you’ve gone over your budget and realized you’d be more comfortable with paying less monthly. This is where Re몭nancing may get a chance to shine! By shopping around for a better Mortgage (weighing-out costs & rates) you can save big bucks monthly! There are different ways to save Re몭nancing: consolidating debt, obtaining a Lower Mortgage Interest Rate and/or APR or changing the term (timeframe) of the loan. When going over your options, it’s important to look-into the Equity in your home and your LTV (Loan-to-Value Ratio). If your Equity has gone-up you may be able to get a better Mortgage Interest Rate. Also, if you have more than 20% equity in your home, and you’re currently paying PMI (Private Mortgage Insurance) it’s possible to Re몭nance without the PMI. The “great” Mortgage Interest Rate on your ARM is about to expire