Why and When You Should Refinance a Home

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Consider why you would like your home loan to be refinanced before you start. Your aim will guide the refinancing of the mortgage from the start.

1. Reduce the monthly payment

You can refinance your loan to a lower interest rate if you want to pay less each month. The loan term. say, from 15 years to 30 is another way to decrease the monthly payment. The disadvantage of extending the period is to pay more long-term interest.

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