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Questions To Ask About Refinancing
It's important to think of all the questions to ask about refinancing before actually signing anything as refinancing is not for everyone.
People refinance for many reasons - to lower monthly payments, to pay off a loan, build equity faster, convert a variable rate into a fixed rate mortgage etc.
When considering refinancing you not only need to know what questions to ask about refinancing but you also need to answer some questions yourself before you seek out the advice of a lender.
The questions you need to ask yourself include how long do you plan on residing in your home and how long have you held your current mortgage?
In order to make the costs of refinancing worth it, you need to be in your home long enough to reap the benefits. Experts recommend that anything more than five years is good. If you intend to move before that time you will have little to gain from refinancing. And if you plan on moving in three years or less, it makes virtually no sense at all to refinance.
