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Refinancing your Mortgage

Refinancing loan is a loan taken on top of an existing loan against the value of your house. Usually such loans are taken for purpose of home improvement.

Before you apply for a refinancing loan, here are factors you need to consider:

  • What is the equity value of my house?
  • Do I have a good credit history?
  • Is the value of my house much higher than the mortgage loan balance or almost the same?
  • Will I get a lower interest loan?

This means if you owe more than your house is worth, you won’t get a loan or the interest rate is going to be too high. If your credit history is not good, banks may not want to lend you or charge you a very high interest. You do not have to borrow from the same bank that gave you the mortgage. Look where you can get lower interest. When taking a refinancing loan make sure you understand very well its conditions.

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