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may decide to refinance to accomplish a variety of goals,
but for some basic reasons: To save money by getting a lower
interest rate or to save money by using a tax-deductible loan
(the refinance) to pay off non-tax-deductible debt. People
most commonly use a refinance loan to:
» Convert
a higher interest rate mortgage to a lower interest rate
mortgage
» Lower
their cost of debt by converting non-tax-deductible debt,
such as credit cards or car loans,
to tax-deductible mortgage debt.
» Convert
an adjustable rate mortgage to a fixed rate.
» Consolidate
a first and second mortgage into one lower-rate mortgage.
» To
get cash for family needs/expenses (tuition, medical expenses,
etc.)
» To
reduce the term of their mortgage.
The key point to remember in all these instances is a refinanced
mortgage offers you tax-deductible borrowing (which effectively
lowers your cost of borrowing). Is a refinance a smart move
for you? To find out, call an Elite Financial Loan Advisor
at 505-349-8960 and speak to a loan consultant who will
assist you with your application. You’ll get our honest,
objective opinion on what’s most advantageous for
you.
Apply Now With Our Quick
30 Second Application
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