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![]() ![]() ![]() You've heard from friends, perhaps, that they refinanced their home and what a "good deal" it was for them. Maybe it caused you to wonder if refinancing would be a beneficial financial move for you. Let's sort out the issues. What Is Refinancing?Refinancing is the process by which a homeowner may negotiate a lower interest rate on a mortgage, thereby lowering monthly payments. You end up with a new mortgage to replace the original. In working out the new mortgage, it is possible to reduce monthly payments, lower your interest rates, use some of your equity amount for large purchases, or change mortgage companies. Is it right for you?If you answer yes to one or more of the questions below,it's time to make an appointment with us:
Remember!Refinancing starts you off with a new mortgage. You will now be back to the beginning of the payment process. But the benefits might just be worth it. Still, refinancing generally costs between 3% and 6% of the loan's principal. Visit with a CNB&T mortgage lender, and we will help you discover whether or not it can be an advantage for you to refinance. Use this calculator to help determine whether you should refinance your mortgage. Estimate the amount of money a refinancing could save you by comparing the details of your current home loan with new rates, terms, and other factors. ![]() 877.654.4500
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