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Article: Be cautious with extra cash. (Refinancing).
- Article from:
- USA TODAY
- Article date:
- December 1, 2002
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Copyright informationCOPYRIGHT 2002 Society for the Advancement of Education. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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With mortgage rates at their lowest in over 30 years and most home values up strongly, many homeowners are refinancing their mortgages and taking out extra cash at the same time. That may be a smart move for some, but use the cash wisely, caution financial planners. First, you need to decide whether refinancing is right for you. For example, homeowners well into the life of their mortgage or who plan to move soon may not find it financially beneficial to refinance. Run the numbers with your planner.
Even if refinancing makes sense, it does not necessarily make financial sense to do so with a mortgage that is larger than the old one in order to take out extra ...
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