Refinancing your home loan can be beneficial in many ways.
- A lower interest rate will lower your house payment and allow you to use the equity in your home for other purchases or investments.
- Eliminating private mortgage insurance can also be obtained by refinancing your home at its current market value to lower your loan to value below 80%.
- It is also a great tool to use when paying off existing debt, minimizing your total monthly payments.
- Refinancing into a shorter term loan can also benefit you by paying your home off faster and reducing the amount of money you spend in interest.