Do you know what a refinance is?
A refinance is exchanging your existing mortgage with another loan, often with a new lender.
Some of the most common reasons for refinancing are:
Lower Interest Rates: To secure a lower interest rate.
Reduced Monthly Payments: Prolonging your loan term through refinancing can lead to lower monthly payments, providing financial relief.
Access to Equity: Refinancing allows homeowners to tap into their home's equity for purposes like home improvements, debt consolidation, or investments.
Consolidating Debt: Combining high-interest debts into your mortgage can result in lower overall interest costs and simplified monthly payments.
Changing Loan Terms: Borrowers can switch from adjustable-rate mortgages (ARMs) to fixed-rate mortgages or the opposite, depending on their financial goals and market conditions.
Home Improvements: Refinancing can fund home renovation projects, increasing the property's value.
Searching for refinancing options for a home in and around Puyallup, Washington?
Call Wave Lending Group - a trusted local mortgage broker that can help you lower your rate and month-to-month payment right now!
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