Refinancing, a common choice when attempting to reduce
interest costs, refers to applying for a secured
loan intended to replace an existing loan secured by the
same assets. The most common consumer refinancing is for
a home mortgage.
Refinancing may be undertaken to reduce interest costs
(by refinancing at a lower rate), to pay off other
debts, to reduce one's periodic payment obligations
(sometimes by taking a longer-term loan), to reduce risk
(such as by refinancing from a variable-rate to a
fixed-rate loan), and/or to liquidate some or all of the
equity that has accumulated in real property during the
tenure of ownership.
Green Valley advises taking advantage of lower rates and
attempting a new loan if rates have dropped since you
got your mortgage. This may reduce your interest costs
and monthly payments. You may also be able to reduce
interest costs by switching to a shorter term loan, or
even refinancing with another
Adjustable
Rate Mortgage.
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