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It will take five times longer to reach equilibrium - almost 6 years! If you do not keep the house as long, or if you have paid off your mortgage then it is not worth it.

The refinancing rate home loan should be compared between the different sites offer different prices, rates and terms.

A mortgage is generally the largest financial transaction that individuals make in their lives.

If you opt for a long-term loan, the interest rate will be higher, but your monthly payments will be more affordable.

Interest rates naturally fluctuate and so refinancing could get you a better deal.