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Refinancing to a shorter term mortgage can save you thousands of dollars in interest charges over the life of the loan. This could be the case even though your monthly payment stays the same, or increases. Your equity will build up faster and your loan will pay off sooner.
By refinancing your home, you could save thousands of dollars over the term of a 15-year or 30-year fixed mortgage, you may also stall or completely stop a foreclosure.
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