Refinancing
Refinancing refers to applying for a secured loan intended to replace an existing loan secured by the same assets. The most common consumer refinancing is for a home mortgage.
Refinancing may be undertaken to reduce interest costs, to pay off other debts, to reduce one's periodic payment obligations, to reduce risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership.
Since the process and costs of refinancing may seem confusing at first, it often scares people from refinancing their homes to consolidate debts. Whether you are consolidating credit cards, paying off a home equity loan, a car loan or merely lowering your current mortgage interest rate, you may save thousands of dollars. NYC Elder Law is willing to discuss your options and help you analyze what is the best mortgage program to fit your needs. Call our legal team at (866) 99 TRUST.
