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When you refinance your home, you are taking on a new mortgage to replace an old one. When interest rates are low, mortgage loan rates tend to drop, so refinancing your mortgage at a lower rate can save you money on every payment. To decide if you should refinance, determine if your savings from reduced payments will be greater than the up-front costs. If you have an adjustable-rate mortgage, refinancing also can provide the opportunity to switch to a fixed-rate mortgage.

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