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There are iwo good reasons for refinancing a mortgage - to replace a high cost^Joan with a cheaper one or to convert accumulated equity into usable cash.
In an inflationary setting, your chances of reducing costs by rewriting a loan taken out years ago are zilch. You will pay more for today's money.
Still, there could be circumstances where an old loan had become burdensome and new loan for a smaller amount or a longer term or both might reduce monthly carrying charges despite interest. Figure the effect before you go this route, though.
Also, there may be other good reasons for refinancing to raise cash.
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