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Mortgages 101, 3rd Edition by David Reed

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CHAPTER 9

Refinancing and Home Equity Loans

A refinance is just that, “redoing” the original mortgage. There are different reasons to refinance, including to get a different rate or different term, or to replace a current loan with a new one and pull money out at the same time to do with whatever you wish.

9.1 WHY WOULD I WANT TO REFINANCE MY MORTGAGE?

There are many reasons, but the primary one is to reduce the interest rate on your current mortgage loan. If your rate is at 8 percent and current rates are at 7 percent, then you might consider refinancing to get a lower payment. It really doesn’t make much sense to refinance if rates go up, right? ...

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