Whether or not it pays to refinance your mortgage today boils down to two factors:
- Do you qualify for the best mortgage rates out there?
- Will you stay in your home long enough to actually reap some savings?
The higher your credit score, the more likely you are to snag a competitive refinance rate. But if your credit isn't great, then refinancing may not make sense. That's because if the rate you qualify for is comparable to the rate you're already paying, there's not a lot of savings to be reaped when we factor in closing costs.
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