You may want to consider refinancing if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage or lowering your monthly mortgage payment.
Refinancing is a great way to collect money that’s left on the table. Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing your mortgage:
You can! With cash-out refinancing, you refinance your mortgage for more than you currently owe, then pocket the difference.
Cash-out refinancing can help homeowners who want to consolidate high-interest, non tax-deductible debt. Because your mortgage interest rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments. In addition, your mortgage interest may be tax-deductible, while your credit card interest is not.
Yes, in most cases. However, depending on the circumstances, an appraisal may not be required.
On a refinance, funds are normally disbursed on the fourth business day after you sign your loan documents. This is because federal regulations require a three-day rescission period, during which you have the right to cancel your loan outright.