Homeowners may choose to refinance for several reasons. As borrowers improve their credit, they may qualify for lower interest rates. A rate lowered by just 1% may mean significant savings for homeowners. Changes in the market can also mean financial savings for borrowers through refinancing. These refinancing options include changes from fixed to adjustable rate mortgages or vice versa, or changes in the rate and term of the loan.
Many borrowers choose to refinance to consolidate debt. Debt consolidation is generally a good idea if the interest rate on the mortgage loan is lower than the interest rate on funds borrowed from an alternative source (i.e. credit card interest). Borrowers refinancing for this reason benefit from replacing high-interest debt with a low-interest mortgage. Moreover mortgage interest may be tax deductible providing an added incentive to refinance-please consult your tax adviser.
Canceling your PMI or FHA MIP may also be an option for qualified buyers. To read more about refinancing options click here, or speak to one of our FHA specialists to see if you are eligible for a conventional mortgage.
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