When is the Best Time to Refinance (1)

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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 [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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