Pros to Refinancing Get lower interest rate. Lower monthly mortgage payment. New loan term. Cash out home equity. Drop mortgage insurance.

Pros of Refinancing Your Mortgage – Lower monthly payment: One of the most common reasons for refinancing a mortgage is to reduce the monthly payment amount.If your income has decreased, or you simply want to spend your money on something other than your mortgage, a lower monthly payment alone may be reason enough to refinance.

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Is now the time to refinance your mortgage? Let us explore the pros and cons of refinancing in today's bumpy mortgage market. Home.

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Top 5 reasons to refinance and the pros and cons of each. Pro: Lower your monthly payment. Con: Your 30 years will reset and you’ll pay a lot more in total interest. If interest rates fall after you close on your loan at a higher rate, you could consider refinancing to take advantage of the lower rate.

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There are many reasons to refinance! But before you dive in let’s take a look at the pros and cons of refinancing your home. Item #6 could cost you . . .

9 Top Pros and Cons of Refinancing Your Home You Must Know! Understand your goal in doing a home refinance. If you are doing the refi to lower your interest rate, make sure you can lower it by at least .5%. If you think your home has gone up in value enough to drop PMI, Make sure if you are.

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