What does it mean to "refinance" your mortgage and why is it done?
Refinancing a mortgage means that a lender will replace your current mortgage with another mortgage under new terms (i.e., change in the length of the loan, the amount, or the interest rate). This is usually done when a borrower has specific needs or goals that refinancing their current mortgage will help them achieve. These needs or goals could include: debt consolidation, paying for your child's education, preparing for retirement, lowering your monthly payment to better fit your budget, taking advantage of a better interest rate, and so much more!
There are several pros and cons of refinancing a mortgage and we can help determine if this is right for you. For more information on refinancing contact us today at 732-969-9300 (NJ/FL) or 704-230-0050 (NC/SC).
To get pre-approved on your mortgage refinance today, CLICK HERE.