When is the Best Time to Refinance

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When is the Best Time to Refinance

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Refinancing a mortgage is paying off an existing loan and replacing it with a new one with more benefits. There are many reasons why home buyers prefer to refinance their mortgage. There are some benefits as well as a few pitfalls when you refinance. This presentation will help you understand the reasons or the best time to apply for refinancing. – PowerPoint PPT presentation

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Title: When is the Best Time to Refinance


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Introduction
  • If you find a better mortgage rate than your
    existing rate then refinancing can help you
    obtain a lower rate. However, before you apply
    for a refinance, it is important to understand
    the basics of refinancing and the best time to
    apply for a refinance.
  • This presentation explains the know-how
    of Refinancing.

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  • Why You Should Refinance?
  • To get a lower interest rate.
  • To reduce the term of their mortgage.
  • To convert from an adjustable-rate mortgage
    (ARM).
  • To a fixed-rate mortgage.
  • To tap a homes equity in order to finance a
    large purchase or to consolidate debt.

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  • Refinance to Secure a Lower Interest Rate
  • This is one of the big reasons to refinance.
  • You can shorten the interest rate on your
    existing loan.
  • This will help you to
  • o Save money
  • o Improve the rate at which you build equity in
    your home
  • o Reduce the size of your monthly payment

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  • Refinance to Shorten the Loans Term
  • Gives you the opportunity to refinance an
    existing loan for another loan.
  • Refinance without much change in the monthly
    payment and shorter term.
  • You can close your loan faster.

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  • Refinance to Consolidate Debt
  • Homeowners refinance to consolidate their debt.
  • Its a smart decision to replace high-interest
    debt with a low-interest mortgage.
  • You should consider this step only if you can
    resist the temptation to spend once the
    refinancing relieves you from debt.

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  • Refinancing can be a great financial decision if
    it reduces your mortgage payment, shortens the
    term of your loan, or helps you consolidate your
    debts more quickly.
  • For more details visit https//www.drewmortgage.
    com/best-time-to-refinance-home-loans/

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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone (617) 523-3060
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