Why Should I Refinance My Mortgage? | LowerMyBills

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A mortgage is a long-term commitment, but you can adjust the details along the way to match your financial situation and goals as they change. Refinancing your mortgage can be a great way to restructure your overall finances.

When you refinance a mortgage, you repay your current loan with a new one that has better terms. Some homeowners refinance to secure a lower interest rate or to lower their monthly mortgage payment. Others do so to repay their home loan more quickly. Homeowners also refinance to consolidate high-interest debts or to pay for home renovations and repairs.

But refinancing comes with tradeoffs, so it’s important to decide if it’s right for you. Here’s what you need to know about refinancing your mortgage, including when it makes sense to refinance and key steps to take.

Learn more about how mortgage interest rates work and why they matter:

Featuring Annie Margarita Yang, Personal Finance Writer

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