*Article contributed by Sarah Williams.

Refinancing mortgage involves repaying a current loan and getting a new one as a replacement. Seeing as refinancing can cost around 3% to 6% of the loan principal, homeowners need to determine if it is a sensible economic move. Remember that as with the initial mortgage, it involves assessment, title inspection, and application expenses so you will need to consider those factors.

Not entirely convinced that refinancing your mortgage is the optimal financial step for you? Below are a few indications that this is the best time to refinance mortgage:

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