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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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22. Is Refinancing a Good Financial Move?

To determine whether refinancing is a good financial move, you have to look at all sides of the equation, not just the monthly savings.

Six Questions to Ask When Considering a Refinance

1. How much will you be saving every month with the new loan, compared with your current loan?

2. What is the cost of refinancing?

3. How many years are left on your loan now, and what is the term of your new loan?

4. How long do you plan to keep the property?

5. Are you getting out of a risky adjustable rate mortgage and into a secure fixed rate?

6. Will this refinance enable you to drop PMI (the monthly private mortgage insurance fee)?

As you can see, more than the monthly savings is at stake. Working as a loan officer, ...

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