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That makes this particular refinance over

That makes this particular refinance over $1,000 more expensive than continuing with your current mortgage.Plus, if you refinance, you’ll be paying on a mortgage for an additional ten years before you own your home outright.That means for the first 5-7 years, you’re paying more toward interest and very little toward the principal loan balance.In the meantime, you’re building very little equity.These alone can easily add up to $4,700 or more, according to Trulia.

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That makes this particular refinance over $1,000 more expensive than continuing with your current mortgage.

Plus, if you refinance, you’ll be paying on a mortgage for an additional ten years before you own your home outright.

That means for the first 5-7 years, you’re paying more toward interest and very little toward the principal loan balance.

In the meantime, you’re building very little equity.

,000 more expensive than continuing with your current mortgage.

Plus, if you refinance, you’ll be paying on a mortgage for an additional ten years before you own your home outright.

That means for the first 5-7 years, you’re paying more toward interest and very little toward the principal loan balance.

In the meantime, you’re building very little equity.

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So, factoring in the total interest you paid over that 10 year period on the original loan and the interest you will accrue over the 30-year span of the new refi loan, you will pay a total of 1,720.In addition, she regularly releases new content on her women's finance blog, Femme Frugality.According to the Consumer Financial Protection Bureau, mortgage lending between August and October 2016 was up nearly 50 percent over last year, “unusually large number likely due to a high rate of mortgage refinancing.” There are many reasons you might consider refinancing your mortgage.If you already have a low interest rate and are thinking about refinancing exclusively for lower monthly payments, think again.While the amount due monthly will go down, the amount you pay over the life of your loan will go up.While we can’t run your numbers for you, we can take you through the mathematical process through an example.You can do the same by using your own, real-life numbers and this calculator from my FICO.Magnify Money is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.This compensation from our advertising partners may impact how and where products appear on the site (including for example, the order in which they appear).For one, interest rates are continuing to creep up after several years of historic lows, driving many borrowers to refinance in hopes of locking in a lower rate now.You may also have a long list of home repairs that need to be addressed.

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  1. Days ago. Compare the 9 Best Student Loan Refinancing Companies and slash the cost of your student loan debt. Find honest, in-depth reviews and lower your interest rates with Citizens Bank, Earnest and more!

  2. May 11, 2015. There is a good deal of misinformation about student loans. Unfortunately, this discourages many graduates from tapping into ways to lower their student loan debt. A common misconception is what exactly student loan consolidation and student loan refinancing are, how they are different, and which might.

  3. Learn the differences between student loan consolidation and refinancing and the questions to answer before consolidating or refinancing your student loans.

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