In order to gauge if a mortgage refinance is worth it, consider these two key questions:
Refinancing your mortgage loan means taking a new loan with different terms. In order to reduce your monthly payments, you’ll need a loan with at least one of the following factors.
Home equity refers to the appraised value of your home less the amount that you still owe on your mortgage loan.
Not only does having enough equity save you on Mortgage Default Insurance, but you also typically see a better interest rate based on the additional equity you have established. Use our refinance calculator to see if you have enough equity to help lower your payment.
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