Dwight Ferguson |
With mortgage rates so low, does it make sense to refinance?
Historically low mortgage interest rates have prompted many homeowners to think seriously about refinancing, but there's a lot you need to consider before filling out a loan application.
Start by determining why you want to refinance.
- Is it primarily to reduce your monthly payments?
- Do you want to shorten your loan term so that you can save interest and possibly pay off your mortgage earlier?
- Are you interested in refinancing from one type of mortgage to another (e.g., from an adjustable rate mortgage to a fixed-rate mortgage)?
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