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From lowering the monthly mortgage payment to cashing out on home equity, the benefits of refinancing can be a major draw for borrowers. However, what many don’t consider are the drawbacks.
If you’re not careful, refinancing could affect your finances, equity, and credit score in a negative way. That’s why it’s important to weigh the pros and cons of refinancing a mortgage. Before talking to a loan officer, homeowners should evaluate their financial position, and compare the costs and savings that may come with a new mortgage.
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Pros and Cons of Refinancing a Mortgage | LowerMyBills
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