What is refinancing?
What is refinancing?
If you replace one loan with another loan you are refinancing. This may be a good idea to do if you can get better terms or a better interest rate.
Note that there are usually many costs involved in refinancing and it may take years of saving to make up for the refinancing cost.
Often times it is worth it, but make sure you look at the whole picture and not just your next month's mortgage payment amount.
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