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Most experts recommend refinancing a mortgage if you can lower your current interest rate by at least to 1 percent. Also, it's a good idea not to plan to. Refinancing depends on individual financial goals and market conditions. If rates drop significantly and can result in substantial savings, then. With rates falling, many homeowners are considering a mortgage refinance to save money and/or borrow at an extremely affordable rate. To Capitalize on a Lower Interest Rate and Payment. It's always wise to refinance your mortgage if the refinancing option's interest rates will save you money. The best time of the month to refinance your mortgage is the last two weeks of the month. The best time of the quarter to refinance your mortgage is the last.
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