Opinion: The two major mistakes to avoid when refinancing your home | Nicole Pedersen-McKinnon
As Tuesday heralded our seventh rate rise in a row, mortgage refinancing has almost become a full-on frenzy.
Don’t forget your original loan was for just $20,000. So you have nearly doubled the price of your car. We will assume you have a loan that was originally $500,000, but today you have 15 years and $300,000 left. In this example, you refinance and cut your interest rate by two percentage points, again at current average interest rates.
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