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What points should I consider when refinancing my mortgage?
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1. Consider your current financial situation and goals.
2. Understand the different types of mortgages available and make sure you choose the one that best fits you.
3. Research potential lenders and compare the interest rates, fees and other details of each potential loan.
4. Check your credit score and make sure it is in good standing.
5. Calculate the total cost of the new loan including closing costs.
6. Determine if you will save money over the long run with the new loan.
7. Consider if a fixed- or variable-rate mortgage makes more sense for your situation.
8. Calculate how long it will take to recoup closing costs if you decide to refinance.
9. Ask your current lender if they will lower the rate on your existing loan.
10. Check if the cost of mortgage insurance will change with the new loan.