When Should I Consider Refinancing?

January 14, 2020
Author: New England Home Mortgage

Considerations for Refinancing A Mortgage

Refinancing your mortgage means you take out a new loan, your new lender pays off your old loan, and you now owe the new lender instead. This is something that can make sense, especially given how lows mortgage interest rates are now. There are many factors to consider before making the decision.

  • How long do you plan to stay in the home?

  • How much will it cost to complete the refinancing?

  • How old will you be when the mortgage is repaid in full?

  • Are you in need of more room for monthly cash flow?

These are just a few things to consider. If you’re looking to lower your current rate, consolidate debts or obtain cash from your equity, it may be a good time to refinance.

Call us today to discuss your options! 860.426.2447

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