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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Mortgages are paid on a reverse amortization schedule, meaning the bulk of the interest is paid in the first 10 years of a 30 year loan. If you refinance 5-10 years into your mortgage for a new 30 year term that interest heavy payment cycle starts over again.
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