Home Refinancing Quotes
How does it Work
When you refinance, you secure a new mortgage for your property based upon its current value, not the original value you purchased your home for.
How Do I Apply?
You need to have owned your home for anything between one to three years. Having a perfect credit history also doesn’t hurt and can result in the conversion of a variable loan rate to a fixed one in order to obtain a lower interest rate. Most people will decide to refinance when they have equity.
What Are The Benefits?
- Better interest rate
- Consolidate debts
- Reduce monthly repayment amount
- Reduce/alter risk (variable to fixed loan)
- Free up cash
What Is Equity
Equity is the difference in value between what you owe on an asset and the value of that asset. It is, ultimately, a line of credit extended by a lender at a certain interest rate.
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