Refinancing a mortgage can be beneficial if approached wisely. Key considerations include evaluating financial goals, checking credit scores, and understanding refinancing costs, which typically range from 2% to 5% of the loan amount. It's crucial to compare lenders and loan types, such as rate-and-term or cash-out refinances. Monitoring market conditions and locking in interest rates are also important. Lastly, be prepared for extensive paperwork to streamline the refinancing process.
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