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Mortgage Refinance FAQs
Home Lending FAQs
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.
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
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.
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.
Yes, in most cases. However, depending on the circumstances, an appraisal may not be required.