“The pros and cons of refinancing your home”

“…refinancing can be a little complicated, especially if your credit score is less than ideal or you’re not completely sure what to expect. 

When you refinance, it means you’re essentially taking out a brand new loan on your property, often for the remainder that you owe (but not always). Ideally, this new loan comes with better terms than your old one. This depends on a number factors, including how much equity you have in the house (i.e. how much of the loan you’ve already paid off) and what your credit score is when applying.

While refinancing sounds great on paper, it may not always put you in a better position. It’s best to weigh the pros and cons, taking your personal situation into account. CNBC Select spoke with Darrin Q. English, a senior community development loan officer at Quontic Bank, about the pros and cons of refinancing your home. Here’s what to keep in mind…”

https://www.cnbc.com/select/pros-and-cons-of-refinancing-home/