Refinancing a mortgage can save homeowners money and secure better loan terms, but many do not fully utilize this option. Monitoring interest rates for lower periods can lead to significant savings. It's crucial to consider refinancing costs against potential savings, as fees can impact financial sense. Higher credit scores generally yield better refinancing terms, so checking for errors and improving scores is advisable. Options like shorter loan terms or cash-out refinancing can also be beneficial, but careful budgeting is essential to avoid overextending financial obligations.
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