Sometimes it is not always best to refinance your loan what you need to look for in the mortgage is more than just your monthly payment. The most common reason John tells them is not to refinance is that the client will not receive a benefit from it in the refinance in real saved dollars. Idea here is yes you can refinance your loan possibly lower your interest rate and save some money on your monthly payment. But if the dollars you are spending to do that refinancing which is very commonly not thought about because it is hidden in the equity of the house. Your loan balance is going up is part of the refinance that is the most common way for a refinance. If you look how long, it will take you to break even on your refinance and how long you told the lender how long you are going to live at the property sometimes it isn’t worth going through that trouble.
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