If interest rates have dropped by a percentage point or more since you got your first mortgage, refinancing could save you big bucks. And if you have enough equity so that your new mortgage is for less than 80% of your home’s value, you’ll be able to stop paying Private Mortgage Insurance (PMI), which will save you even more. Mortgage refinancing could also result in lower monthly payments, depending on factors such as: if any -points’ are paid to lower the interest rate on the new mortgage; how much cash is taken out at the time of refinancing; the duration
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