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Are you wondering How to Save Money on Your Mortgage with Refinancing? Finding a lender can be a complicated process that can be done very easily through an online lender marketplace like Refily, but we will get more into that later.
There are many benefits to refinancing your mortgage, including the opportunity to consolidate all of your loans into one and take advantage of lower interest rates. In order to make sure you’re getting the best deal possible, it’s important to understand the different types of refinancing options available and how they work so you can find the right fit for your needs! But first, let’s break down some of the basics:
How to Save Money on Your Mortgage with Refinancing
1.) What is refinancing a home?
Refinancing a home is the process of taking out new financing on a property, which can lower your monthly payments and reduce the amount of interest you pay over time. A new lender will agree to buy your current mortgage from your current lender- this is called “purchasing” or “funding” the loan.
In exchange for the loan being funded, you sign a new Promissory Note agreeing to repay the loan over a specific period of time. Companies that purchase loans are called “sponsors.”
2.) What are some benefits of refinancing a home
The Standard benefits are lower monthly payments and reducing the amount of interest you pay over time.
There are some emotional benefits as well. You can consolidate al… Read More
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