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what is refinancing a mortgage Informational
- Will refinancing help or hurt your credit score in the short term?
- Are there any recapture provisions or other restrictions?
- Planning for future rate changes can save money. What are the potential benefits of refinancing to a mortgage with down payment assistance options if your financial situation has changed since your original mortgage?
- Is it important to be transparent and honest with lenders?
- Should you aim for the shortest term you can comfortably afford? How can you assess your risk tolerance when choosing between different refinance options, such as fixed-rate versus adjustable-rate loans?
- How have economic conditions influenced refinance activity?
- What do lenders look for in terms of employment history? Can you refinance a mortgage if you are retired?
- Lenders may need to understand non-traditional income streams. How can you assess the potential impact of changes in local infrastructure (e.g., new roads, public transportation) on your property value and the implications for refinancing?
- What are the basic steps involved in a mortgage refinance? Why would someone want to refinance their mortgage?
- What factors should you consider when comparing offers?
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