Interest rates are starting to inch up, with many expecting the Fed to raise rates a little more later this month. A recent strong jobs report is only making that more likely. If you have thought about refinancing your mortgage, you might want to think hard about it now, and perhaps lock in a low rate if you’re serious.
Refinancing is taking on a new home loan to pay off your old home loan. The new mortgage can have different features, such as a longer or shorter term, and it can lower your monthly payments, too.
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