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Summary: The most primary reason to refinance is that the mortgage payment under the new mortgage would have a lower interest rate. Better understand what refinancing is and the terminology to go along with it through tips and advice from an experienced financial adviser in this free video.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
"This is financial adviser Patrick Munro, asking the question, "Should I refinance?" When you refinance your mortgage, there has to be a reason why you would do it. The most primary reason that's available is that your mortgage payment under the new mortgage would have a lower interest rate. The way to achieve that is to watch interest rates carefully and make sure that they are falling in a position that would allow you sufficient savings in your new mortgage payment and that the savings are going to eclipse any extra costs involved or associated with the refinancing process. It's important for you to achieve the best rate at all possible for prevailing financial circumstances. And that way, you know that your money is working harder for you. If you have a lower interest payment on your mortgage, that gives you more money to invest other places. This is Patrick Munro, answering the question, "Should I refinance?""
eHow Article: When Not to Refinance
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