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September 03, 2009
Entering into mortgage refinance allows homeowners to reduce their monthly mortgage payment or obtain cash from accrued equity in their home. However, it is important to gather all the facts and shop around for the best interest rate and lowest closing costs.
The first step of mortgage refinance should be reviewing the current mortgage note. Financial experts recommend refinancing when homeowners can obtain interest rates at least 2-percent lower than what they are currently being charged.