For example, lenders consider your vehicle's mileage, model year, and intended purpose. If your car is more than 125,000 miles or is more than 12 years old, lenders may not want to refinance your vehicle. Or, if you use your vehicle for business purposes, including ridesharing, you may not comply the requirements for refinancing.
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What is an advantage of a 30-year fixed-rate mortgage over a 15-year fixed-rate mortgage?
With a 30-year mortgage, you make 360 monthly payments. Because you pay a smaller portion of the amount you borrowed (or principal) each month, your monthly payments are lower than with a 15-year loan.
What can stop you from refinancing your home?
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How to pay off a $300,000 mortgage in 10 years?
Expert tips for paying your. If you have a 30-year loan and want to refinance a 15-year mortgage loan, this will save you a significant amount of time and money on your mortgage.
Does refinancing hurt your credit score?
Refinancing will hurt your credit rating a bit at first, but it could actually help in the long run. Usually, your score will drop a few points, but you can recover in a few months.
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