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    If you financed your home at a higher interest rate because of your credit, after two or three years of on-time payments you should be ready to refinance with a

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    If you are a homeowner considering refinancing your mortgage, how do you know if refinancing is the right decision for you? Here are guidelines to help you make this important financial decision.

    Refinancing your mortgage means you are taking out a new mortgage to pay off the old one. Ideally your new mortgage should be a better deal than the old; however, there are reasons for refinancing under less than favorable conditions. Your goal for refinancing your mortgage should be to lower your interest rate and possibly your monthly payment amount. Other common reasons for refinancing are to consolidate debts and borrow against the equity in your home for cash.

    If you financed your home at a higher interest rate because of your credit, after two or three years of on-time payments you should be ready to refinance with a t

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    Refinancing your mortgage means you are taking out a new mortgage to pay off the old one. Ideally your new mortgage should be a better deal than the old; however, there are reasons for refinancing under less than favorable conditions. Your goal for refinancing your mortgage should be to lower your interest rate and possibly your monthly payment amount. Other common reasons for refinancing are to consolidate debts and borrow against the equity in your home for cash.

    If you financed your home at a higher interest rate because of your credit, after two or three years of on-time payments you should be ready to refinance with a

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    r deal than the old; however, there are reasons for refinancing under less than favorable conditions. Your goal for refinancing your mortgage should be to lower your interest rate and possibly your monthly payment amount. Other common reasons for refinancing are to consolidate debts and borrow against the equity in your home for cash.

    If you financed your home at a higher interest rate because of your credit, after two or three years of on-time payments you should be ready to refinance with a

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    terest rate and possibly your monthly payment amount. Other common reasons for refinancing are to consolidate debts and borrow against the equity in your home for cash.

    If you financed your home at a higher interest rate because of your credit, after two or three years of on-time payments you should be ready to refinance with a

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    If you financed your home at a higher interest rate because of your credit, after two or three years of on-time payments you should be ready to refinance with a traditional lender. It is extremely important to make all of your mortgage payments on time. You should also pay down the balances on your credit cards and put some money away in the bank. Having money in savings will help your application; you may be required to pay points in order to qualify for the new loan.

    If you have a decent interest rate now but want to improve it, it is generally accepted that the new rate needs to be 1.5% to 2% better in order to recoup the expenses from refinancing the loan. You will be required to pay closing costs and possibly points for the new mortgage. In order to break even or get ahead with these expenses you need a more f

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