Many times refinancing will not necessarily yield you a lower interest rate. Several factors could have changed from the last time that you went through the loan process. Your credit score could have dropped, less income, or your ltv may be different. It would still make sense for you to refinance if you are consolidating high interest credit card debt. Your total monthly payments would drop, and you may have more tax deductions with a slightly higher mortgage interest rate. Debt consolidation refi are a great way to get your financial goals back on track.

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