There are many reasons people choose refinance. The main reason however save money every month on their mortgage payments. They do this by refinancing their current mortgage into a new mortgage with lower rates or shorter-term. By refinancing into a mortgage with a lower rate you will save money every month and own the same home, while refinancing to get shorter-term on your mortgage will increase the equity in your house faster.
With refinancing rates at or near all-time low is a perfect time for a lot of homeowners to consider a mortgage refinance. If you are homeowner with an adjustable rate mortgage this is a perfect time to get into a more stable superlow currently available mortgage refinance rate. However, you plan on living in your current home for only a short period an adjustable-rate may be acceptable as long as you know you will be leaving(within two years) as adjustable-rate mortgages in the beginning are usually even lower than the lowest fixed rate, even cheaper if it's a 15 year mortgage.
Just be sure you do the proper research. Search different mortgage lender websites and compare your quotes across a wide variety of different one and choose the one that you feel most comfortable with.
RefinancingCondo.com
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