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Refinancing your home
When mortgage interest rates get low, refinancing isn't always the best choice.
Deciding when to refinance your home loan depends on several factors besides whether you can get a better mortgage rate.
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Reasons to refinance your mortgage
The two big reasons to refinance are:
- To reduce your monthly mortgage payment
- To save on the overall interest you will pay on your house in the long run.
Refinancing does not always reduce the monthly payment or save on the overall interest.. A loan officer or mortgage broker can help you run scenarios that show you the cost and potential savings of refinancing.
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How long you keep your home
Generally, it makes sense to refinance if you plan on staying in your home for many years.
If you plan to sell the property soon, don't refinance. Refinancing could take years to break even and begin saving you money.
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Qualifying for refinancing
Even if refinancing makes sense in your situation, you'll still need to qualify. Your ability to refinance depends on factors such as the amount of equity you have in your house, your income, and your credit.
If you qualify, it's important to get quotes from multiple lenders before you make a decision. Even small savings will add up over the years.
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