Refinancing can be almost as confusing as your first mortgage application. It doesn't have to be. Take this quiz and become a refi expert.
When you refinance, you are getting a new first mortgage that pays off and replaces the old one.
Refinancing only makes sense if you can lower your monthly mortgage payment.
You are struggling with your financial obligations and as a result your credit has taken a hit. Since you already have a mortgage, refinancing should be easy. And, a refinance will lower your monthly expenses making it easier to pay your bills.
The rule of thumb for timing a refinance is to wait until interest rates are two percent lower than your current mortgage.
Refinancing can help a homeowner get rid of private mortgage insurance.
-- Posted: Feb. 15, 2002
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