When you refinance, mortgage rate is less than what you paid for your original mortgage.

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You need to know the interest rate, the term of the mortgage, the variability of interest rates (whether fixed or variable), and the points you are willing to pay to close the deal.

-The difference between the interest rate you pay now and the mortgage interest rate.

To get your free mortgage guidebook visit RefiAdvisor.com using the links below.

Mortgage companies are competing for business and are willing to offer lower rates.
Have a lawyer review the contract or agreement and get his opinion on matters of cancellation.