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According to an article in SuperPages.Com, the best time to refinance your home may occur when the going interest rate has fallen to one point below your current interest rate, you currently have an ARM (adjustable rate mortgage), you have 20 percent or more equity in your home, you have maximized your debt-to-income ratio or you need to free up money for a college loan or major medical expenses.
Source:
SuperPages.Com: When to Refinance Your Home Mortgage
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