New Empire Mortgage Solutions (NLMS ID 1949736)

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Why Refinance?

Is Your Mortgage Rate Higher Than Current Rates? Refinance Now and Save Thousands! Unlock the Potential of Your Home Equity and Achieve Your Financial Goals!

Refinancing means replacing an existing mortgage with a new mortgage, typically to take advantage of a lower interest rate, reduce monthly payments, or change the loan terms. When a homeowner refinances, they pay off their current mortgage and take out a new mortgage with different terms and conditions.

There are different types of refinancing options, including rate-and-term refinancing, cash-out refinancing, and cash-in refinancing. In a rate-and-term refinance, the borrower replaces their current mortgage with a new mortgage that has a lower interest rate or different loan term, but doesn’t borrow additional funds. In a cash-out refinance, the borrower refinances for more than the current balance on their mortgage and takes the difference in cash. Cash-out refinancing is often used to pay off high-interest debt or finance home improvements. In a cash-in refinance, the borrower pays money at closing to reduce the loan balance and potentially lower the interest rate.

Refinancing can have both advantages and disadvantages, and it’s important to carefully consider the costs and benefits before deciding to refinance. Refinancing can involve closing costs, application fees, and other expenses, and it can also extend the term of the mortgage, potentially increasing the total interest paid over the life of the loan. However, if done strategically, refinancing can potentially save money on monthly payments and interest over the life of the loan.


Lower interest rates

One of the most common reasons to refinance a mortgage is to take advantage of lower interest rates. By refinancing to a lower interest rate, borrowers can potentially save money on their monthly mortgage payments and over the life of the loan.


Reduce monthly payments

Refinancing can also be a way to reduce monthly mortgage payments, which can free up money for other expenses or savings goals. This can be achieved by refinancing to a longer loan term, which spreads out the payments over a longer period of time, or by refinancing to a lower interest rate.


Switch to a fixed rate

Borrowers who currently have an adjustable-rate mortgage (ARM) may want to refinance to a fixed-rate mortgage to avoid the risk of rising interest rates.


Consolidate debt

Refinancing can also be a way to consolidate high-interest debt, such as credit card debt or personal loans, into a lower-interest mortgage. This can potentially save borrowers money on interest and simplify their monthly payments.

It’s important to carefully consider the costs and benefits of refinancing before making a decision, as refinancing can involve closing costs and fees that can add to the overall cost of the loan. Borrowers should consult with one of our qualified specialists to determine if refinancing is the right choice for their individual situation.

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