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What is a Refinance Home Loan?
Refinancing a home loan means that a borrower gets a new home loan, in order to pay off their current home loan.
Though one of the most advantageous reasons to refinance a home loan is to get a lower interest rate, the reasons can vary based on each borrowers’ scenario. A refinance can be used to fund a large purchase, change the terms and length of your repayment, etc.
The cost of refinancing can be between 3%-6% of the principal of a home loan.
If you would like to learn more about FHA Loans and their requirements you can call one of our High Balance Loan Experts at (303) 947-5147.
A refinance home loan allows borrowers to pay off an existing home loan with a new one.
If interest rates drop, you can reduce the interest on your loan.
You are able to get better terms than your original home loan.
There is a cost to refinancing, which might be more than the benefit.