Picture it: the economy is chugging along like an ’81 Caprice, all coupons have been clipped from Sunday’s paper (and your neighbor’s Sunday paper), and you’ve invested in a pair of clippers to save that fifteen dollar barber payout. Could you be doing anything else to tidy up the budget and save a little cash?
Since this scenario isn’t too far from reality, the answer that most likely there is something you can do. If you’re making mortgage payments, by refinancing you could free up some cash and soon have a handsome new interest rate. With a little research, you may find a home mortgage refinance rate looks too good to pass up.
Lots of people are refinancing these days, and here’s why: refinancing can make it possible for your monthly mortgage bills to become smaller, thereby freeing up cash for other worthy or possibly necessary causes. Refinancing can also take your old interest rate and turn it into something a little more budget-friendly. Of course, refinancing may not be for every home owner. It’s important to consider the pros, the cons, and the feasibility. Refinancing can lengthen the term on your loan, and, if your credit score is less than lovely, you may actually end up spending more in mortgage payments or interest rates.
When in doubt, consult a professional — and do your research. The Internet is a great place for comparing a home mortgage refinance rate with another, and comparing rates is an essential step. Speaking to a lending institution is time well spent as well. Your neighbor may have just refinanced, and could be willing to share all the details — and how he got his great rate.
Do drastic times call for more than a downgrade to store-brand toothpaste? Look into refinancing and the answer could be yes.
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