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Reasons to Refinance Your Home Loan

There are several reasons why it might be beneficial to refinance your home:

  • Secure a lower interest rate: If you can lock in a lower interest rate on your mortgage, you can save thousands of dollars in interest payments over the life of the loan.
  • To shorten the loan term: By shortening the loan term, you’ll pay less interest over the life of the loan and have the loan paid off sooner.
  • Receive a better loan product.
  • To tap into equity: Refinancing gives you an opportunity to access some of the equity you’ve built up in the property. This money can be used for home improvements, debt consolidation, college tuition, or anything else you might need.
  • To switch from an adjustable rate to a fixed-rate loan

 

Before deciding to refinance your home, make sure you understand all the costs and details associated with the process.

At Enlighten Financial Solutions we can help you with all your refinancing questions.

Contact us today if you’d like to have your home loan reviewed. We’d love to show you your options!

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