Important things to know about Refinancing your Mortgage

Jul 20, 2022Financial Literacy

If you’ve owned your own home for some time perhaps you are considering refinancing your home mortgage. With so much talk surrounding the rise and fall of interest rates, you may be more interested now than ever in a refinance.  Refinancing allows you to make changes to your mortgage depending on your financial situation and current economic conditions.  

Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to the various stages of home ownership.  Whether you want to learn the steps involved in buying a home, are considering an investment property or refinancing your home loan, our curated playlist will provide you with important information.

Refinancing your Mortgage:

When you refinance your mortgage, you take out a new loan to completely pay off your old one, and then make payments on the new loan.  The main reasons to refinance your mortgage are to lower your interest rate, shorten the term of your mortgage, lower your monthly payment, or to switch to a different type of mortgage.  

By reading through our Should I Refinance my Mortgage article, located in the Owning a Home playlist, you’ll learn important things like the general cost of a refinance, whether refinancing is a good option given your current situation, how to refinance, and more.  Add this article to your reading list to better understand whether a refinance makes sense for you.

The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.

Explore the program today: https://nafsa.everfi-next.net/welcome/nafsa-achieve

*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.

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