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Home Mortgage Tips & Insights

Information to help you purchase, refinance or get cash out.

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6 reasons to refinance a home loan

People think about refinancing their home loan to reduce their mortgage interest rate and save money on interest payments when rates are falling. Financial professionals often recommend people consider refinancing when current rates are substantially lower than the rate on their current mortgage. That's because refinancing often requires you to pay a new set of closing costs, and the money you save on interest needs to be enough to make paying these new closing costs worthwhile.

To save more money, continue to pay the same amount on your mortgage every month. This way you'll be using the money you save on interest to pay down the principal balance faster. Read on to learn 5 more reasons people refinance!


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