If you are simply looking to lower your monthly mortgage payment, you may want to consider what is called a rate and term refinance. This simply means that you are refinancing to receive a lower interest rate, and to spread your payments out over a different amount of time. Some people will refinance to change to a 15 year loan, because they want to pay off their mortgage sooner. Most, however, will go with a loan that is amortized over 30 years, because that will result in lower monthly payments.

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