Home refinancing is the process in which you pay off an existing home loan, usually with another institution, by booking the loan with another institution. This is usually done to avail of lower rates offered by others thus resulting in increased savings and financial flexibility for the borrower.
Borrowers, however, should be wary of refinancing as it may not always make good financial sense for everyone. It is prudent therefore to carefully review one's options prior to having a loan refinanced.
Refinancing is a popular option for homeowners who want to take advantage of benefits such as:
- The reduction of monthly amortization
- Having the option to shorten the term of a loan
- Gaining additional financial flexibility for home improvements or other needs.
source: Metrobank.com.ph
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=38165.0
Topic: Refinancing Your Home (Read 2909 times)