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Remember it is not only the direct costs associated with refinancing your loan, you will also have to pay insurance.

This is important, as refinancing is a process of mutual benefit, the borrower and the lender.

For a fair, repair your credit score before you scout for a refinance, or talk to your current lender on a new loan.

When you refinance, it can save thousands of dollars a year in interest if you choose to refinance and get money with an FHA mortgage that allows you to borrow up to 95% loan to value you.

The balance of your mortgage would increase to $ 160,000 and reduce your capital of $ 40,000.