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A homeowner may refinance her mortgage whenever she likes and as often as she likes. When weighing the decision to refinance, homeowners need to take into account early mortgage repayment penalties, new loan closing costs and equity. Sometimes penalties and costs add up to more than the savings provided by a lower interest rate.
Source:
Mortgage News Daily: I'm Thinking About Refinancing My Home Because of Lower Interest Rates
MortgageLoan.com: Mortgage Refinancing
Searchlight Crusade: How Soon After You Purchase a Home Can You Refinance
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