Having a mortgage is such a pain! Between all the interest rates, refinancing options, and monthly payments it’s enough to make you go crazy. Refinancing can offer a lot of different things to many homeowners and the more you’re aware of what refinancing can do for you the more likely you’ll be able to use this option to your advantage. Below are a few good reasons to consider refinancing your mortgage.

It can help reduce interest rates! For a lot of homeowners this is all they need to know. A drop in market rates can often create a compelling and alluring opportunity to refinance however even when interest rates are now lower than those on your current mortgage you may still be able to lower your rate with refinancing! Rates on adjustable mortgages and shorter mortgages are typically a lot lower than those on 30 year mortgages. If you predict that you’ll only be in your current home for a few more years you might benefit from an adjustable rate mortgage without rate fluctuation risks in the long run.

Refinancing can also make your monthly payments more affordable, which is definitely a major motivating factor for many homeowners. Stretching the remaining payments you have out over a longer period of time often results in the reduction of your monthly payments. This can help if you’re in a pinch! Keep in mind that lengthening your loan is also likely to result in paying more total interest over time.

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Hopefully these benefits of refinancing your mortgage have given you a lot to think about!

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