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Mortgage Refinance Basics
Know when refinancing makes sense
Refinancing a mortgage involves comparing new rates/terms to current, factoring closing costs, break-even period, loan reset effects, points, and credit/income requirements to decide if it benefits you.
- refinance
- mortgage
- closing costs
- break even
- rates
Compare
New rate/term vs current; consider ARM vs fixed.
Calculate Costs
Closing costs, points, and break-even months.
Check Eligibility
Credit, income, appraisal; watch for reset of loan clock.