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House on moneyAs a new year begins, we begin to look at the financial lay of the land. One of the ideas you nay be discussing is refinancing your mortgage.

Determining your eligibility for refinancing is similar to the approval process that you went through with your first mortgage. Your lender will consider your income and assets, credit score, other debts, the current value of the property, and the amount you want to borrow. If your credit score has improved, you may be able to get a loan at a lower rate. On the other hand, if your credit score is lower now than when you got your current mortgage, you may have to pay a higher interest rate on a new loan.

Read: 3 Money Tips To Start 2012 Right!

Financial Freedom: Is Refinancing A Good Idea? was originally published on elev8.com

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