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When should a client refinance a mortgage loan?


A homeowner should think of refinancing a mortgage loan if they intend on staying in their property for several years. If they are intending in moving in the next year or two, they should analyze their situation and see whether refinancing makes sense. There are closing costs associated with a refinance mortgage loan and those closing costs can run anywhere between 2% to 4% of the balance of the new mortgage loan. On a $200,000 loan, closing costs can run upwards of $4,000 or more depending where the property is located at. There are cases where refinance definitely makes sense where a homeowner has a FHA loan and wants to refinance out of the FHA loan to a conventional loan to reduce mortgage insurance and/or eliminate mortgage insurance altogether if the homeowner has 20% or more equity.


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