Homeowners with Wells Fargo may be considering refinancing to a 30-year fixed rate mortgage since mortgage rates are low at the present time and many homeowners are seeing rates around 5%.
Those homeowners that are refinancing are doing so, mostly, to not only get a lower interest rate on their mortgage, but also, to get a lower monthly mortgage payment as well. Some homeowners have seen a big drop in their interest rate by refinancing and that usually is followed by a decrease in their monthly mortgage rate.
However, homeowners, in the past, have also refinanced in order to get money back from the equity built up in their home, and use that money for a variety of things. Yet, those who may be struggling financially might be able to get better use out of any money they get from the equity on their home by paying on their principal.
It is advised though, that homeowners, who are considering refinancing with Wells Fargo, keep in mind that there are other options in terms of lenders, with whom they may reliance. Also, making sure that refinancing is in a homeowner’s best interest is going to be the first step above all else.