Compare mortgage rates today11/30/2023 ![]() If you’re eager to refinance, it could still make sense in a high-mortgage rate environment, but that all depends on your financial situation and what you plan to do with the cash. ![]() Refinancing your mortgage replaces your existing mortgage with a new one that has a different loan amount and interest rate. When you refinance your mortgage, the primary objective is to save money by getting a lower interest rate. Learn more about how a mortgage works here.With today’s high mortgage rates, it’s difficult for homeowners to refinance. Should you fail to make your payments over time, the lender can foreclose on, or repossess, your property. (You can also pay off your mortgage early, but there are both pros and cons to be aware of.)īecause a mortgage is a secured loan, it means you put your property up as collateral. You pay back the lender over an agreed-upon amount of time, including an additional interest payment, which you can consider the price of borrowing money.
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