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Mortgage refinance viable option
With interest rates at an all-time low, many home owners are considering refinancing their home.
If your mortgage is a 5 percent, 6 percent or even higher interest rate then a refinance may save you considerable money over the term of your mortgage.
However, the closing costs can be expensive and need to be taken into account when calculating the actual savings you expect. Before doing anything, consult with your bank or mortgage company on the closing costs you can anticipate and the new interest rate you can acquire.
Many financial consultants are advising not to restart the 30 year clock on a re-fi. Now that homes no longer experience the hyperinflation in value that they did just a few years ago many homeowners are re-evaluating home ownership as a comfortable place for long term residence.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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