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Key takeaways. Refinancing your mortgage could make sense for several reasons: lowering your interest rate, taking cash out or switching to a fixed-rate loan.
Refinancing a mortgage is when you take out a new home loan to replace your current one. ... Getting a better interest rate than what you’re paying now is among the biggest reasons to refinance ...
Other reasons it can make sense to refinance include: ... That’s because FHA loans include steep mortgage insurance premiums that don’t go away over the life of the loan. The mortgage ...
Mortgage insurance premiums on FHA loans stop after 11 years if you purchase your home with 10% down or refinance with 10% equity. Otherwise, you’ll pay these premiums for the life of the loan.
Reasons to refinance. ... You can eliminate private mortgage insurance. If you have enough equity in your home, a refinance can allow you to remove private mortgage insurance (PMI).
For this reason, 2025 could be a great time to refinance your mortgage. And there are steps you can take to make sure refinancing pays off as much as possible in the new year.
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