When interest rates are low, homeowners may look to save money by refinancing, which means getting a new mortgage with a better term or interest rate to lower payments. Mortgage rates have steadily declined since November 2018, according to weekly data from Freddie Mac, also known as the Federal Home Loan Mortgage Corp.
Matt Frankel, a certified financial planner and mortgage analyst at The Ascent by Motley Fool—a general personal finance advice resource—shared advantages and disadvantages of the refinancing process.
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