Breaking your current mortgage for a new one, with the same lender or a different one, is what is known as a mortgage refinance. Some possible advantages of a refinance may include getting a lower mortgage rate, being able to access the equity in your property, consolidating your debts, or changing the duration of your loan.
There may be fees and penalties associated with a refinance that can exceed the possible savings so it is important to assess all the factors before you make your decision. Let Mortgage Squad Advisors Agents handle all your mortgage refinance needs.
Reference: Mortgage Squad Advisors Website.
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