When should You consider Refinancing Your Mortgage in Royal Oak? Most individuals understand what it means to refinance a mortgage. You’re paying off your existing home loan and replacing it with a new mortgage. There are several reasons why homeowners refinance their mortgage including: • to convert from an adjustable-rate to a fixed-rate mortgage or vice versa • to lower their interest rate • to shorten the term of their home loan • to tap into their home equity for debt consolidation, financing a large purchase, handling a financial emergency, and so on Here are 4 key takeaways regarding refinancing: • Consider refinancing when interest rates decrease. You’ll pay less interest and shorten the term of the loan • One of the best reasons to refinance your mortgage is getting a lower interest rate. • Switching to an adjustable-rate or fixed-rate mortgage can make sense based on the interest rate or how long you plan on staying in your home. • Other reasons to consider refinancing include consolidating your or tapping into your home’s equity Refinancing your mortgage can cost you between 3% and 6% of your loan’s principal. As with your original mortgage, refinancing requires application fees, an appraisal, and a title search. https://maps.google.com/maps?cid=12393257419259215781 https://local.google.com/place?id=12393257419259215781&use=posts&lpsid=8877390633012423115