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This article contains really useful information. Now i see the reasons for refinancing quite clear. First of all it may take long to find the best mortgage type for you especially if your credit score is not too high. I think it is better to compare several mortgage types before choosing this or that loan option. Probably with the help of this service http://www.fizber.com/sale-by-owner-home-services/mortgages.htm you may find a low interest lender.