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Mortgage Refinance
Mortgage Refinance 
Renew your mortgage by refinancing it. A mortgage refinance is the term used for signing a new agreement with your bank for the next term of your mortgage. There are several reasons for considering a mortgage refinance.
Huntingdon,
Cambridgeshire,
United Kingdom
(prbd.net)
14/08/2010
"If you had a fixed rate mortgage, you may be asked by your bank to refinance your mortgage at the end of the fixed rate term. You will work with your lender to negotiate a new interest rate and term length. Each time you reach the end of a term, you "
Mortgage Refinance
Renew your mortgage by refinancing it. A mortgage refinance is the term used for signing a new agreement with your bank for the next term of your mortgage. There are several reasons for considering a mortgage refinance.
New Term
If you had a fixed rate mortgage, you may be asked by your bank to refinance your mortgage at the end of the fixed rate term. You will work with your lender to negotiate a new interest rate and term length. Each time you reach the end of a term, you will need to refinance the mortgage.
Consolidate Debt
Another popular reason for a mortgage refinance is to consolidate your debt into a single monthly payment. For instance, if you purchase a new car, you can refinance your mortgage to include your car, which creates a single monthly payment with a single interest rate. You can include other bank loans and other types of debt when you refinance your mortgage.
When you consolidate your debt into a mortgage refinance loan, you often receive a lower overall interest rate than you originally had. For instance, if you are currently paying 15% interest on your credit card debt, you may be able to refinance your debt with your mortgage and pay only 10% interest.
Lower Interest Rates
When you first negotiated your mortgage interest rate, the rate may have been higher than you wanted. To lower your interest rate, you can try to refinance the mortgage with a lower rate. With some types of mortgages and some lenders, you must pay a penalty fee to refinance with a lower rate. However, the interest you save typically far outweighs the penalty.
Should You Refinance
The only time you should refinance your mortgage is if you benefit. Talk to your lender before making any decisions to make certain your overall interest rate is lower after the mortgage refinance.
About
Here at Buy-my-place.co.uk we buy homes in Cambridgeshire, Bedfordshire, Northamptonshire and across the UK. We pride ourselves on our ability to put your needs first.
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