Since the remaining mortgage is spread over a longer period of time, your payment is lower.

With the range of refinancing options out there, it's easy to get cynical.

When you start to see ads for mortgages at a considerable reduction in the interest rate you pay, it may be a sign to refinance.

It is not recommended to refinance a mortgage if you plan to use the proceeds to buy a car, go on vacation or get that new entertainment system.

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The trend indicates a good chance to get get a good mortgage refinance rate. With the refinance loan on the same property you can easily avail a fixed interest rate.

This is to avoid past mistakes that have sent hundreds of homeowners on the brink of foreclosure.