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When to Refinance?
Mortgage brokers and lenders usually recommend consumers start thinking about refinancing only if they plan to live in their homes for more than 5 more years and the current mortgage interest rate is lower than their original rate by more than 2 percent.
Should I Refinance?
The question is when is the right time to refinance your home? At this point in time, with the real estate market slowing down and interest rate crawling back up, now is the best time to refinance your home before the mortgage interest rates get back up to a point where it no longer makes sense to refinance.
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