Adnan Mortgages

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Why Would You Consider Refinancing Your Mortgage?

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance:

  • To obtain a lower interest rate
  • To shorten the term of their mortgage
  • To convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa
  • To tap into home equity to raise funds to deal with a financial emergency, finance a large purchase, or consolidate debts

Since refinancing can cost between 3% and 6% of a loan’s principal and—as with an original mortgage—requires an appraisal, title search, and application fees, it’s important for a homeowner to determine whether refinancing is a wise financial decision.

Refinancing can be a great option to saving money each month on your mortgage.  We can help get this done!

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