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What's your refinancing goal?
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Lower interest rate
If interest rates have fallen below 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 have to pay in closing costs and fees?
- Can you afford to refinance to a shorter term?
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Lower monthly payment
Your mortgage payment is probably your largest 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 pay for a new appraisal?
- How much can you expect to pay in closing costs?
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Get cash out
Take advantage of the value of your home to make improvements, consolidate your debts, or cover other expenses—and maybe lower your rate.
Consider ...
- Do you have other debts that currently charge a higher rate of interest than your mortgage?
- Can you afford to increase your monthly payment?