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This Is How Refinancing Your Home Works

This Is How Refinancing Your Home Works

Refinancing Home

With refinancing home, you pay off an old loan on your home and take out a new one, usually at a lower mortgage interest rate. To refinance, you will generally need to have equity in your home, a good credit rating, and steady income. You can borrow a percentage of the equity to cover remodeling costs, debt consolidate, and college tuition.

When you refinance, you will incur all the closing costs that go along with getting a new mortgage. So unless you’re doing extensive renovations and can get a mortgage interest rate at least two points below your current loan rate, you may want to select another financing option.

 

Should You Lock In Your Mortgage Rate Now

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Jamohl DeWald

One of my greatest joys as a real estate professional is handing over the keys of ownership to a first-time home buyer. As an experienced agent, I understand that preparation is important to avoid missteps with that first home purchase. I’m here to help with navigating the waters of those potential missteps.

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One thought on “This Is How Refinancing Your Home Works”

  • How To Successfully Invest In Real Estate – JD PDX Real Estate

    November 6, 2018 at 2:15 am

    […] The goal of real estate investing is usually to make money 💵 Click To Tweet This Is How Refinancing Your Home Works […]

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