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Factors to Keep in Mind when you Refinance Your Mortgage

Factors to Keep in Mind when you Refinance Your Mortgage

Posted on 11 March 2010. Tags: , , , , ,

I know most of the people with mortgage are confused and are stuck with the question “When should I consider refinancing my mortgage?” Today, prevailing interest rates are much lower than the time we purchased the house. And we can easily refinance through the existing lender without any closing costs. If you have, however, decided to refinance your mortgage, I would recommend you to pay attention to few factors mentioned below. Interest Rates Ask your self, what is the interest rate you are paying now? What would it change to, if you consider refinancing it? Is the difference quite considerable? Is the interest rate expected to rise in near future? However, it should be noted that even 1% of change in rate can affect your payment quite radically. Type of Loan One of the factors that have [...]

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