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Refinance Mortgage: Compare Quotes
Refinance Mortgage: Compare Quotes
With a refinance mortgage when interest rates are lower, you can exchange a higher interest rate for a lower one, which, in turn, will lower your monthly payment.
Los Angeles,
CA,
United States of America
(prbd.net)
23/04/2010
When you purchased your dream home, the financial environment dictated interest rates. While certain factors, like your credit rating and the amount of the down payment that you were able to afford, influenced your interest rate, the single most important factor was the prevailing rates at that moment.
Get Free Refinance Mortgage Rates Today:
www.mortgagerefinance.fm
However, interest rates fluctuate. When the Federal Reserve enters a rate-cutting period, the prevailing rates may become significantly lower than when you originally purchased your home.
Lower Refinance Rate, Lower Payments
With a refinance mortgage when interest rates are lower, you can exchange a higher interest rate for a lower one, which, in turn, will lower your monthly payment.
Shorten the Length of Your Mortgage when Refinancing
Another advantage of home refinancing is that you can shorten the term of your mortgage. Let's say, for example, that you originally had a 30-year mortgage and have been paying it for eight years. Thanks to a refinance mortgage, you can switch to a shorter term of either 10, 15 or 20 years.
This can save you thousands of dollars of interest. Also, if the refinance rate is lower, but you maintain the same monthly payment, you will build up equity in your home more quickly, because more of your payment will be going towards principal.
To get free refinance mortgage quotes, please visit Mortgage Refinance at:
www.mortgagerefinance.fm
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