Homeowners refinance for many different reason. The most common is to obtain a lower interest rate and lower monthly payment. Some homeowners refinance to avoid a higher payment when the interest rate on an adjustable rate mortgage (ARM) is due to adjust. Still others choose to refinance to access the equity in their home using a cash-out refinance. Knowing the reasons for the refinance and setting goals for the new loan ensures that a clear benefit results from the refinance.
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