mortgage simple definition: Should I Refinance My Mortgage

Should I Refinance My Mortgage

Should I Refinance My Mortgage. Replace your mortgage

Should I Refinance My Mortgage video duration 2 Minute(s) 31 Second(s), published by Billy Fradys on 26 01 2017 - 22:54:36.

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What Is Refinancing Financial Terms

Refinancing simply means you are taking you existing mortgage, and you are replacing it or paying it off with a new mortgage. That's all.

I know it sounds complicated but it really isn't. And there are a couple of different reasons why someone might want to refinance their mortgage.

One of the biggest reasons is to get a lower interest rate. So maybe I got my mortgage for my house or my apartment a few year ago. And interest rates at that time were at six or seven percent.

And now I'm looking at rates that are at five percent. I might refinance or replace my old mortgage with a new mortgage to get a lower rate. And to save on interest.

So saving on interest is one of the biggest reasons to refinance your mortgage.

There are other reasons why you want to refinance. Sometimes you have some equity in the property and in addition to getting a new mortgage you want to pull some of that equity out of the property. And that would be considered a \