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There are many factors that should be considered. Interest rates, avoiding PMI, and how badly you need the extra cash are all important aspects and should be weighed together.

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13y ago

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When is mortgage refinancing not a good idea?

Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.


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In order to get a good rate on a second mortgage, one would have to be on top of payments, or have the first mortgage paid. The next step would be ensuring that one has a good credit score.


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