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If you find the falling interest rates frustrating because you know that you
are paying much more than you would have if the rates had been as low when you
closed your loan, refinancing is for you. Loan refinancing allows you to:
- Have lower monthly payments due to lower interest rates
- Change to a fixed rate loan
- Place a lower cap on an adjustable rate loan
- Take advantage of improved credit
- Shorten or lengthen the repayment period of your loan
- Use home equity to take cash out for a large purchase
If you would like to utilize one or more of the above options then refinancing is for you. Though it is the same process as borrowing the original loan, refinancing can often be easier on the borrower. Many fees that generally come along with finding a loan can be waived, such as the application and appraisal fees. Some lenders will allow you to take the loan without paying any points or closing costs. Points are an amount usually paid at the close of the loan. Each point equals 1% of your loan. The more points paid, generally, the lower the interest rate. By rolling the cost of the points and miscellaneous fees into the total of the new loan, you can still manage to refinance to a low interest loan with little money out of pocket.
“Cash-out” refinancing allows you to do all of these things while borrowing extra money for certain expenses. The most popular of these are home improvement and college tuition. However many people use refinancing to pay for the purchase of a new car. Financing a new car often requires you to take on an interest rate much higher than that of a refinanced loan. Using money from refinancing to make such a purpose is another way to save money. Debt Consolidation is another use for cash-out refinancing. Rolling your debt into one monthly bill is convenient and helps to make paying your bills an easier process. Also, for those severely in debt, it gets rid of harassment from collections.