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Refinancing consolidating

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To start, a home mortgage refinance is a long process.

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Historically, a home loan refinance begins with the home being refinanced getting appraised.Because the federal government has kept interest rates for the federal bank at record low levels, banks are offering mortgage rates at record low levels.Historically, refinanced mortgages are considered to be fairly safe investments for banks, allowing them to offer rates that only a few points above what they would get by investing their money with the government.Because of this, many people assume that the money they spend on their monthly mortgage payment is both a payment for a place to live and an investment.As such, they usually assume that there is no real way to save money on their monthly payment unless they get the mortgage paid off early.While the exact factors that are considered from these reports vary from year to year, it's generally a good idea to have as high a credit score as possible if you decide to apply.

Before starting the process, of course, a homeowner has to decide what his or her goals are with refinancing.

Because of this, a lot of people have simply decided that they will not even explore these options for themselves.

The truth is that these options can save a person or family thousands of dollars, but they have to be used correctly. Banks have been refinancing loans for centuries, yet only a small percentage of homeowners go through the process every year.

The truth is, both of these options have been around for decades, but they were misused and misrepresented in the past several years.

Many people believe that this was one of the main factors leading to the financial crisis.

Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).