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When you need to Refinance Your Mortgage?

The best time to refinance your loan is when you’re getting a lower interest rate. Mathematically speaking, it is worth spending money on refinancing the loan if you could lower the interest rate by at least 2%. A reduction of 2% in the interest rate can bring down the monthly payments substantially and can help you save thousands of dollars.<br>http://www.awmlending.com/mortgage-refinance.php

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When you need to Refinance Your Mortgage?

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  1. All Western Mortgage Mortgage Refinance

  2. Refinance your Mortgage • Refinancing your mortgage simply means paying off the existing mortgage loan and taking a new one in its place. Refinancing has its benefits and pitfalls depending upon a variety of factors. The major reasons and best times to refinance your mortgage are as follows:

  3. If you can secure a lower interest rate • Reducing the duration of the loan • Converting the loan type from Adjustable Rate to Fixed Rate and vice versa

  4. 1) If you can secure a lower interest rate • The best time to refinance your loan is when you’re getting a lower interest rate. Mathematically speaking, it is worth spending money on refinancing the loan if you could lower the interest rate by at least 2%. A reduction of 2% in the interest rate can bring down the monthly payments substantially and can help you save thousands of dollars.

  5. When the interest rates fall, you can refinance an existing mortgage loan to shorten its duration without changing the amount of monthly payments. After all, repaying your loan in 15 years instead of 30, without changing the amount of monthly installments is a good deal. 2) Reducing the duration of the loan

  6. 3) Converting the loan type from Adjustable Rate to Fixed Rate and vice versa • ARMs generally start off by offering lower rates as compared to fixed rate mortgages. But later on after periodic adjustments, the interest rate often gets increased more than the Fixed Rate. In such a scenario, a mortgage refinance company can help you in converting your ARM into Fixed Rate Mortgage loan. This results in lower interest rates along with eliminating the concerns for future hikes. Similarly, in a falling rate environment, converting your Fixed Rate interest mortgage into ARM is also a sound financial strategy.

  7. So, if you feel that any of the above mentioned conditions apply to your mortgage and it is a right time to refinance, allow All Western Mortgage to help you with it. Why pay more when you don’t have to? Call us on 702-850-2790 or visit our website –http://www.awmlending.com/ now to know more. Questions?

  8. Contact Us – All Western MortgageAddress:8345 W Sunset Rd, Suite 380Las Vegas, NV  89113Phone : 702-850-2790Corporate: 702-369-0905Fax: 702-906-0153 info@awmlending.comWebsite: http://www.awmlending.com/

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