Refinancing your mortgage can be a smart financial move.
It can reduce your monthly payments, while keeping the amount of equity you put into you home virtually the same.
As it stands, your current mortgage may having you making mostly interest payments.
This is throwing money out the window that the banks are keeping for themselves.
By refinancing your home mortgage, you can reduce that payment and keep more of your money.
Of course mortgage refinancing terms and interest rates come in all different sizes.
If your current loan is resetting or you signed a fixed-rate mortgage at a high interest rate, there's a good chance you can reduce that rate and lower your payments.
Unfortunately that process is not as easy as it used to be.
In the past banks were pretty flexible and loan officers were willing to do whatever it takes to get their commission by having you sign a new agreement.
Now, as a result of higher bank regulation, the banks do not have the ability to be as flexible.
Those with an average credit score may have a harder time getting the banks to help you out.
You may be shocked to find out know exactly what that national average is, however.
It may come to no surprise that the majority of American families are over their head in debt, live paycheck to paycheck, and have negative marks on their report.
Although the banks have to be more selective on their mortgage refinances, they have to continue to sell mortgages in order to stay in business.
Knowing where you stand might just help you get approved.