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Is It Time to Refinance?
For the past few years, we have experienced a tumultuous housing market.  One bright spot, however, is a decline in mortgage interest rates.  Even if you are not in the market for a new home, you can still take advantage of low rates by refinancing your current loan.
With rates hovering in the "low 4's", if your bank or mortgage lender hasn't called you to tell you to check into refinancing, you may want to give them a call. Swapping your old mortgage for a new one can result in big savings, totaling thousands of dollars over the life of the loan. Refinancing makes sense if you:
Have an adjustable rate loan. Lock in a traditional 30-year fixed-rate mortgage now. Rates on adjustable mortgages aren't much lower than fixed, so it's probably not worth the risk of rates moving up eventually. The benefit here is really the certainty that your payment will never change.  Even if you're trading away an adjustable rate at 3.5% for a fixed-rate at 4.5%, it may make sense to refinance.
Want to swap a 30-year loan for a 15-year mortgage. Maybe you're seven years into a 30-year loan and hate the idea of extending the loan ... more

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