Should You Refinance Your Home

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A mortgage refinance replaces your home loan with a new one. people refinance to save money, tap the home’s equity or trade an ARM for a fixed-rate loan.

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2 major types of refinances: Rate-and-term refinancing to save money. Typically, you refinance your remaining balance for a lower interest rate and a loan term you can afford. (The loan term is the number of years it will take to repay the loan.) Cash-out refinancing, in which you take out a new mortgage for more than what you owe.

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As interest rates go up and down, an important question comes to mind: When, if ever, should you refinance your home? The most common reason to refinance a home is because rates have gone down from when you initially bought your home. Lower interest rates are why we refinance any type of loan, whether it’s a mortgage, student, or credit loan.

If you will be staying in your home for a long time and can take out a no-cost refinance, it may make sense to refi for an even smaller decrease in interest rate. Your new loan will require mortgage insurance.

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When it Makes Sense. When deciding whether to refinance, a key determiner should be how long you plan to stay in the house. According to mortgage experts, on average, people stay in their home for seven years. If you intend on staying in your home for that long, and you can get a better interest rate,

To determine if you can, add up all your home loans together. If your home’s current value exceeds the value of the loans, you may be able to refinance your loans into one. In this way, you’ll pay one low rate on the entire amount instead of one low rate on your primary mortgage and a higher one on the second.

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In many instances, you should refinance to save money on your home mortgage. You’re a good candidate to refinance if you’re planning to stay in your home for a while and are refinancing at a lower interest rate, switching off an adjustable-rate mortgage, or looking to eliminate private mortgage insurance.

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