http://mortgagebible.org/tags/48 Fri, 05 Mar 2021 14:30:08 +0000 Joomla! - Open Source Content Management en-gb http://mortgagebible.org/refinance-mortgage-for-us-states/48-virginia http://mortgagebible.org/refinance-mortgage-for-us-states/48-virginia MORTGAGE refinance is the obtaining of a new loan to pay back the remaining portion of a mortgage loan you have taken earlier, and then pay back the new loan in monthly installments. It is important to note that mortgage refinance implies that you use the same real estate as security as you had for the original loan. People opt for mortgage refinance when interest rates are lower than those that prevailed when the original loan was taken. Mortgage refinance enables mortgagees to leverage lower interest rates to reduce their monthly repayments, pay back the entire remainder of the original loan faster even if that means higher monthly repayments, or reduce monthly payments by extending the repayment period.

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