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By refinancing your home mortgage, you can obtain a new loan to pay off an existing loan or pay off one loan with the proceeds from another. It's a good idea to refinance your properties when interest rates drop and/or the property has appreciated in value--you can lower your monthly payments, effectively lowering the cost of the mortgage. Sometimes, a buyer will purchase a property by way of a contract for deed with the expectation of either selling the property before the balance under the contract for deed becomes due or refinancing at better terms and interest rates than exist at the time the agreement of sale is entered into.
As interest rates are on the rise, now is a great time to consider refinancing your home mortgage.
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