Refinance Template
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Refinancing, Define your goals when refinancing your home
Knowing when is the best time to refinance requires professional expertise in real estate and financial matters. Even if the prevailing interest rate is lower than in your existing mortgage, it doesn't follow that refinancing is desirable. In the light of the given complexities involved in real estate and mortgage transactions, you need to take into consideration all factors which could have an impact on your decision to refinance. Lest, you might end up incurring a bigger debt than in the original mortgage.
Deciding on whether or not to refinance your home today depends on your short-term or long-term goals because refinancing is not all about reducing the interest rate. Some would refinance with the main purpose of shortening their loan term. Others have their main consideration the opportunity to borrow against the equity in their homes.
Advantages
Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to extend the repayment time, to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce or alter risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to raise cash for investment, consumption, or the payment of a dividend. Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms. The most common consumer refinancing is for a home mortgage.