When Must You Refinance

Refinance means replacing your current mortgage with a new loan that has a more favorable interest rates and terms that you can afford to manage. The new loan is secured on the same property as your current loan. The new loan funds are used to pay down the current mortgage, while any remaining money can be used to your best advantage. For example, Mr. ABC and Mr. XYZ both took out a mortgage loan worth $400,000. After 4 years, both of them paid off $200,000. Mr. ABC then took out another home loan...

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