Wells Fargo homeowners that may be in need of financial help in their mortgage may be able to get a lower monthly mortgage payment by refinancing their home loan. Wells Fargo, along with other big mortgage lenders, is offering low mortgage rates on homes and refinancing, and dropping your interest rate on a mortgage can go a long way in helping you afford your monthly mortgage payment.
Many homeowners are getting mortgage rates for around or under 5%. Some homeowners have seen refinancing rates on a 30-year fixed rate mortgage for 4.75%. Even if you are not able to get a rate below 5% you still may get a cheaper interest rate, which is going to help you when it comes to making your mortgage payment.
By refinancing to a 30-year fixed rate mortgage, for instance, you can possibly lower your monthly mortgage payment, in most cases, and for those with equity built up in their home, you can get money back.
Many people that have refinanced and got money back have either kept or spent the money in some other way, but homeowners that do get money back from refinancing a mortgage would do well to apply that money to the principal amount on the mortgage. While refinancing can be beneficial there are costs associated with the refinancing process, so do your research, look at lenders outside of Wells Fargo too, and make sure that refinancing is the best option for you before proceeding.