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When you refinance your mortgage you get a new loan to pay off your existing loan. The most common reasons people refinance their home is to get a lower rate, lower their monthly payments, or both.
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When trying to figure out if a refinance is worth it, a major factor to consider is how long you plan to stay in your home. You want to weigh the closing costs against your monthly savings and future goals.
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A Consumer’s Guide to Mortgage Refinancings – Refinancing fees vary from state to state and lender to lender. Here are some typical fees and average cost ranges you are most likely to pay when refinancing. For more information on settlement or closing costs, see the Consumer’s Guide to Settlement Costs .
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Back to glossary terms. refinance. refinancing means replacing one loan with a new, better loan. Improving the terms of a loan can mean obtaining a lower interest rate, a lower monthly payment, replacing an adjustable or variable rate loan with a fixed-rate loan or increasing the size of the loan and taking the difference in cash.
What’s a traditional refinance? A low-cost conventional loan that may lower your monthly payment or let you pay off your house sooner. If you want to make your mortgage payments more comfortable and your home value is steady or has increased, you may be able to refinance your mortgage with a traditional refinance.
To refinance your home means to replace your current mortgage loan with a new one. Refinances are common whether current mortgage rates.
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