Explain Refinancing A Mortgage

27 Mar

Article by Mark Bennett

I am often asked to explain refinancing a mortgage. Why would you want to refinance? How does it benefit the home owner? And how does the process work?

We can explain refinancing a mortgage once you understand why there is so much interest in each monthly payment. The bank sets your monthly payment just high enough to cover the interest they want you to pay, plus just a very small amount extra. Only the extra goes toward reducing your loan principal – the amount

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