Why would a bank offer refinancing at a lower interest? Is any money saved at all, or is it just paid on a different timeline?
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Bear in mind, refinancing a loan is a lot less risky than writing a new loan. When you refi someone, you can see that they have a payment history, and they may have developed some equity. The lower rate they give you often times reflects the lower risk. A new/first time home buyer is way more risky than a refi.
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