Over the past couple of years, interest rates on home loans have been historically low and you may have heard a lot of talk about how it was a great time to refinance your home. In today’s market, with interest rates rising, you may hear less about refinancing now and more about buying now and refinance later. If you are wondering, what does it mean to refinance and how will it help me later, we are here to help!
What is refinancing?
Simply put, refinancing is changing your current loan terms. Common goals for refinancing are to lower one's fixed interest rate to reduce your monthly mortgage payments, change the duration of the loan, switch the type of loan you have, or cash out on your home equity. Many people recently refinanced their…
