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Refinancing (Part II)
http://www.borrowisely.com/ refinancing-part-ii/
Why do people refinance? All for different reasons, of course, but the most common ones are: To obtain a lower interest rate, To build the equity of their property faster, To change the type of their loan, To take advantage of an improved credit rating, To get some cash out of the equity already built in the home. How does it work? Obtaining a lower interest rate is probably the most popular reason to refinance. One may have an adjustable rate mortgage with a rate gone too high, or a high-rate mortgage resulting from negative points, or an above-the-average rate caused by the poor credit score at the time of the loan origination, or it may have been a very sensible loan all the way until mortgage market interest rates dropped.
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