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Refinancing what is it?

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11th Nov 2009 by Burt Carlson

Refinancing is paying off your current loan by doing a new loan with either your current lender or a different lender. You would want to refinance to lower your payment, lower your rate, shorten the term of your loan (say from 30 years to 15) or get cash to spend as you see fit. Remember that your refinance will likely add the closing costs of the loan to your balance (unless you want to pay cash for the costs which I typically do not recommend). My advice is before considering refinancing be clear on what your goals are and talk to as mortgage professional.

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28th Oct 2009 by Gary

Refinancing is taking out a new loan on your home in order to pay off the existing one. Other benefits are you can take out a larger loan if your home has risen in value in order to use the extra cash for whatever you want to. The cash from the loan isn't taxable either, giving you an added advantage and benefit from refinancing.

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27th Oct 2009 In Finance 2 Answers | 1679 Views
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