Taking advantage of a lower interest rate on your existing mortgage with a new loan could save you large sums of money for years to come – and give you more cash now for purchases or other debts. That’s why, when interest rates fall, many people consider refinancing their mortgage.
Refinancing a mortgage involves many of the same steps you took in financing the original mortgage you took when you purchased your home, although it’s typically faster and with fewer required steps.
If today’s interest rates are lower than what you are currently paying every month, it’s worth exploring your options with one of our PHH Mortgage loan consultants. Call today at (800) 451-1895 and we’ll help you understand what’s involved with refinancing and determine whether pursuing a lower rate is something you want to consider. First, consider the information in this overview as a guide to help you gain an understanding of what’s involved.