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Lower Your Mortgage Payment
When you first bought your home, the interest rates may have been higher due to the time of year, current events, COVID-19, or because it was a “seller’s market,” and homes were hard to come by. If at least a couple of years have gone by and interest rates have dropped, you may be able to refinance your home. Refinancing your home means that you’re replacing your current mortgage payment with a lower payment. It’s not that the price of the house has changed, but that your interest rate is lower than it was when you first bought your home. If you live in Connecticut, our team at Connecticut Real Estate Closing Attorneys in Hamden, CT, would be happy to help you lower your mortgage payment.
Why You Should Refinance Your Home
The benefits of refinancing your home all involve lower payments. When you refinance your home, you can get:
- A lower interest rate, which means a lower mortgage payment
- More manageable monthly payments
- A shorter term such as 15 years instead of 30 years
- Equity money to use on renovations and other big expenses
What is the debt-to-income ratio?
Does equity in the home affect the loan refinancing decision?
Does my credit score matter?
Are there fees associated with refinancing?