There are numerous reasons to refinance loans you may already have on real estate. Some of these are:
- To lower the interest rate.
- To change the remaining term of the loan.
- To switch from an adjustable rate loan to a fixed rate loan, or vice-versa.
- To lower the monthly payment of the loan.
- If the property’s appraisal value has increased, you may want to refinance based on the current value in order to access some of the equity. Often, this equity is used to pay off other, higher rate loans such as credit card debts.