Mortgage-Refinance: The Options

There are many options to consider when refinancing. Is your goal to have lower interest rates or lower monthly payments, or perhaps both? If your goal is to have lower monthly payments, you can extend the time of your loan through refinancing, but it will take you longer to pay the house and thus, you will be paying more interest overall. However, you can try to get a lower interest rate to try and combat the extra amount of interest you will be paying. You can either wait until the interest rate in the housing market drops, or you can build up your credit to be able to qualify for a lower interest rate. Building up your credit before you refinance will take time, but could really be worth it in the end.

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