Anyone who borrowed money for real estate this year may want to frame their interest rate on the wall. To boost the economy, the Federal Reserve has taken steps to help drop rates on 30-year-fixed loans from about 6.5% four years ago to historic lows in recent months. Millions of people who can borrow are jumping at the chance, taking out new home loans and refinancing existing mortgages.
Aside from the expenses of refinancing, you might consider some other possible disadvantages before you sign the contract. For instance, if you spend several of the equity at home, you will have less of your property if the deal is finished. And it will take you more time to obtain your home free and clear compared to not refinanced.
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