Monday, October 24, 2011

“Refinancing is like selling your home to yourself.”

What's the point of re-buying your own home? As the seller, you have the opportunity to tap into some of your home's equity, perhaps to pay down consumer debt, finance a college education or make other investments. You may also have the opportunity to retire a mortgage loan that carries a higher interest rate than those currently available.

From a buyer perspective, refinancing lets you take advantage of better interest rates and new mortgage plans that may not have been available when you first financed your home. You could end up lowering your monthly payment or dramatically reducing the amount of interest you pay over the life of your loan.

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