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Mortgage Rates: When Should You Refinance Your Mortgage?

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Inflation has risen rapidly in the USA in 2022. The August inflation rate was 8.5 per cent.

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The Federal Reserve decided to raise interest rates to combat inflation.

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Is now a good time to refinance your home mortgage loan?

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Many homeowners are now wondering about the impact of the interest rate changes on their mortgages. 

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Most people will answer "no" at this point since refinancing your loan is a good idea when interest rates drop.

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The answer to this question is complicated and will depend on each case. 

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Refinancing loans is a good idea if it saves you money and lowers your interest rate by, at most, 1 per cent.

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Refinancing your loan may also result in you paying additional fees, such as a Credit Report Fee, Loan origination fee, Appraisal fee, etc.

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If refinancing your mortgage results in a reduction in your interest payments, or a quicker repayment of your loan, it is worth considering.

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Your credit score is another factor to consider. You should refinance your mortgage if your credit score is higher.

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