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Mortgage Refinancing Options

This is a discussion on Mortgage Refinancing Options within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; Do you realize that the equityyou have built up in your home over time is eroded every time you borrow ...


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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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Old 07-11-2011, 03:53 AM
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Do you realize that the equityyou have built up in your home over time is eroded every time you borrow against the mortgage? The equity is the difference between your home's market value and the outstanding balance of the mortgage. In plain English, your home equity is the amount you have already paid against the value of your house. Your home equity increases as you make more mortgage payments. If you are always borrowing against the mortgage, you are adding years of payments and wiping out any equity you have gained.



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