Also, homeowners who are interested in any of the above reasons and would also like money for debt consolidation, home improvement or large purchases can refinance for the total of their original loan as well as substantial amount over that total. This is often referred to as a cash-out refinance. This type of refinancing is excellent for paying off debt that has been incurred on loans or credit cards with high interest rates.
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Homeowners should be careful to realize that since refinancing is essentially obtaining a new loan, the same kind of costs required at the origination of the first loan will be required for the second. However, a lower interest rate and monthly payment as well as “cashing-out” more than make up for these costs.
The best time to refinance is usually when interest rates are 2% less than the rates used to close your loan. Even if rates are slightly less than 2%, 1.5% for example, a homeowner can still save but it would take a longer period of time for those savings to materialize.
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