You made some really big purchases throughout your life – like your first car, a college education, or that fancy jewelry you always wanted. But none will be so heart-rending, stable and financially steep as buying your first house, your first mortgage. And as a homeowner, you may have heard the term re-financing without being aware of exactly what it means. Refinancing your mortgage means paying off an existing loan and replacing it with a new one. Getting a different new loan for your mortgage can be a good financial decision in certain situations. So if you’ve been considering refinancing your mortgage, here are some things you should consider before making your move.

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