Get a lower interest rate or monthly payment.
Refinancing is a great idea, especially when mortgage rates are low.
If you refinance to get a lower mortgage rate, you can save hundreds of dollars each month. These investments could be invested elsewhere, saved or used to give your monthly budget some breathing room.
Keep in mind, however, a longer home loan term may be partnered with your lower rate and lower monthly payment, which could cost you more long-term due to accruing interest.
A lower monthly premium may be more important than the term of your mortgage, so it's best to consult with an eClick Lending mortgage professional about what options are available to you and you particular financial goals.
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