Consolidating debt mortgage mortgage refinance
If the homeowner is in the position to make a monthly payment that is higher than usual because of good fortune or an increase in salary, the homeowner may want to think about switching from a 30-year mortgage to a 15 or 20 year mortgage.
However, that is not the only reason to refinance, but it is possible for the homeowner to not have the funds to bring to the closing table at the end of the initial mortgage loan.
If mortgage rates happen to be lower than when they were when the home was originally financed, or if the homeowner decided upon an adjustable rate mortgage accompanied with a lower interest rate than the current rate, monthly payment will decrease.
That is assuming the homeowner doesn’t significantly shorten the loan term or cash out equity.
Achieving better credit scores is another great reason to refinance.
If the homeowner’s credit score has gotten better because mortgage payments have been made on time, the homeowner may be able to take advantage of that improved credit by refinancing into a loan with lower interest rates decreased payments.
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This means the mortgage is able to fluctuate and can do so monthly by hundreds or even thousands of dollars.