What is refinancing?

Refinancing is the process of acquiring a new loan to pay off existing debt from loan proceeds using the same property as collateral.

Why refinance?

1. To save money - Refinancing can save you money by reducing your monthly mortgage payments. To lower your interest rate and reduce the term of the loan.
2. To convert an adjustable loan to a fixed loan - When mortgage rates are low, many people refinance to obtain the stability and security of a fixed loan.
3. To consolidate debt and replace high-interest loans - Mortgage loans are tax deductible, whereas consumer loans are not. Debt consolidation offers tax savings for many people.

Should I refinance?

This is a complex question. While refinancing may be an excellent option for one person, it may not be for another. Oregon Mortgage Lending Group, LLC can help you make that decision. Call today and learn whether this is an option for you.