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Mortgage Refinance 101

Pitfalls To Watch For When Refinancing A Mortgage

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  • If you cannot make the required monthly payments you could lose your home. Make sure you can afford your new monthly payment.
  • A mortgage for a greater amount will reduce the amount of equity you have in your home (equity is the difference between the amount of the loan on the house and fair market value.) This will result in less cash if you or your heirs sell the house unless the value of the house appreciates. On the other hand, if the house depreciates, you could end up owing more than the house is worth. It is possible that you will be stuck for the difference if the home has to be sold.
  • Check to see that a person who holds him or herself out as a mortgage broker is licensed in your state. You can check at: www.nmlsconsumeraccess.org offsite link

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