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Mortgage Refinance FAQs

   

 

Home Lending FAQs

What are the benefits of refinancing?

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You may want to consider refinancing if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage or lowering your monthly mortgage payment.

When does it make sense to refinance?

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Generally speaking, one or more of the following conditions needs to be present before you should consider refinancing your mortgage:

  • Mortgage interest rates are falling
  • Your home has significantly appreciated in market value
  • You've been making payments on your original 30-year mortgage for less than ten years

Can I refinance to take cash out of my house?

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Yes. Chase offers a variety of options that allow you to tap into your home's equity and take cash out. Consult your Mortgage Banker for the best cash-out refinancing option for you.

How can I consolidate debt when refinancing my mortgage?

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Cash-out refinancing can help homeowners who want to consolidate high-interest debt. Because your mortgage interest rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments.

Do I need to have my house appraised in order to refinance? 

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Yes, in most cases. However, depending on the circumstances, an appraisal may not be required.