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When you refinance your
mortgage, you usually pay off your original mortgage and sign a new loan.
With a new loan, you again pay most of the same costs you paid to get your
original mortgage. These can include settlement costs, discount points,
and other fees. You also may be charged a penalty for paying off your
original loan early, although some states prohibit this. Refinancing your loan can slash your borrowing costs. But some fixed-rate loans will cost you more to refinance than you could possibly save. In some cases, you’ll be better off doing nothing. |
