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What's your refinancing goal?
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Lower interest cost
If interest rates are lower than what you're currently paying on your mortgage, it makes sense to explore refinancing.
Consider...
- How long do you plan to stay in your home?
- How much will you be expected to pay in closing fees?
- Can you afford to refinance into a shorter-term mortgage?
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Lower payment
Your mortgage payment is probably your most significant expense each month—but be cautious before adding years to your loan term.
Consider...
- Will you need to extend the term of your mortgage?
- Will you need to get a new appraisal?
- How much will you be expected to pay in closing fees?
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Get cash
Take advantage of the value of your home to make improvements, consolidate your debts, or cover other expenses—and maybe even lower your rate.
Consider...
- Do you have debts that currently charge a higher interest rate than your mortgage?
- Can you afford to increase your monthly payment?