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As a first-time buyer, a Home Purchase Mortgage helps you buy the home of your dreams. But when you’re looking to buy another property, choosing Mortgage Refinance can help as it directly pays off the balance of your old home loan.
Refinancing a mortgage means paying off an existing loan and substituting it with a new one. People usually refinance their house to decrease their interest rate, cut monthly payments or tap into their home's equity.
Benefits of Mortgage Refinance:
- The interest on a fixed-rate mortgage that you took many years ago, may have dropped drastically. Refinancing the current lease will allow you to avail of the reduced interest rate.
- Refinancing can consolidate multiple mortgages into one, with a fixed monthly interest rate and a longer repayment duration.
- Refinancing also allows you to clear your mortgage debt in less time. If you've got a 30-year loan, refinancing to a 15-year mortgage indicates that you can own your home free and clear that much sooner.
- You can refinance your current mortgage to free a more substantial amount of cash, depending on your home equity. Considering that a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan.
Buying or refinancing a home can be a difficult task with many pros and cons. To avoid missing out on crucial aspects, seek professional mortgage advice from a qualified and experienced mortgage firm like Mortgage Transit Inc.