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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Refinancing doesn’t have to be with the same bank that has your mortgage currently. Just like refinancing an auto-loan, you go to like a credit union, they pay off your loan and now you pay them instead. The same bank you have it with will offer it to, because then you could go to someone else and they’d lose out on the interest.
Also, you usually pay a fee, so if the newer rate is just barely lower it may actually cost more money to refinance.
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