Understanding the Real BenefitsThe most common reason to refinance is to lower your monthly payment by getting a better interest rate. But refinancing can also help you pay off your loan faster, switch from an adjustable to a fixed rate, or tap into your home equity for important expenses. If your credit score has improved, or if your home has gained value, you may qualify for better loan terms now than when you originally purchased. Lower Monthly Payments or Faster PayoffEven a small drop in … [Read more...]