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   Posted 16 June 2010

Secrets of Refinancing Your Mortgage

 

We all like to think that merely getting on the home ownership band wagon is key, and that refinancing any mortgage later on, to save on interest and other costs, is always a possibility. However, that may not always be the case. For instance, if there is a depression in home prices and they cease to rise, or even if they fall, the original value of your loan may exceed the value of your home. Prepayment penalties that apply to many types of mortgage may also mean that the cost of refinancing outweighs the benefits, and if your mortgage is an adjustable rate one, you may find that it becomes costly to refinance when rates rise. Of course, if for any reason your credit rating falls, you might find that it’s costly to refinance, because you pay more in interest, or that you don’t qualify at all. This is why it’s particularly important to ensure that you get the best possible deal from day one.
 
 

 

Secrets of Refinancing Your Mortgage

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