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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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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