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10 Mistakes To Avoid When You Refinance a Home Loan

GOBankingRates Logo By Cynthia Measom of GOBankingRates | Slide 1 of 11: With mortgage rates still hovering around historical lows, refinancing is a way to save hundreds of dollars per month. According to a Zillow survey released in June 2021, almost half of the respondents who refinanced within the past year slashed their mortgage payments by at least $300. Read: Why It’s Still Worth Refinancing Your Mortgage Now — Except in This Situation Take a Look: Here’s How Much Mortgage Rates Have Fluctuated Over the Past Decade According to the survey, 89% of homeowners who refinanced their home in the past year claimed low interest rates were the motivating factor, 74% said they chose to refinance to cut monthly expenses and approximately one-third of respondents refinanced to pay off debt. Whatever your reason for refinancing, know that not all mortgage refinances are created equal. And if you're not careful, you can make a mistake that will cost you. Here are 10 pitfalls to avoid when you refinance a home loan.  Last updated: Oct. 13, 2021 

With mortgage rates still hovering around historical lows, refinancing is a way to save hundreds of dollars per month. According to a Zillow survey released in June 2021, almost half of the respondents who refinanced within the past year slashed their mortgage payments by at least $300.

Read: Why It’s Still Worth Refinancing Your Mortgage Now — Except in This Situation
Take a Look: Here’s How Much Mortgage Rates Have Fluctuated Over the Past Decade

According to the survey, 89% of homeowners who refinanced their home in the past year claimed low interest rates were the motivating factor, 74% said they chose to refinance to cut monthly expenses and approximately one-third of respondents refinanced to pay off debt.

Whatever your reason for refinancing, know that not all mortgage refinances are created equal. And if you're not careful, you can make a mistake that will cost you. Here are 10 pitfalls to avoid when you refinance a home loan.

Last updated: Oct. 13, 2021 
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