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Do you have a high-interest rate loan because of bad credit? Home refinancing is an option, if you have worked to improve your credit since buying your home. Refinancing home mortgages can save homeowners thousands of dollars over the course of their loan.
Perhaps the only type of home loan you could get five or seven years ago carried a high interest rate. But you've settled down, and you pay your mortgage and other bills on time. When you refinance, lenders see your improved credit history on your credit report. If there is a steady and consistent pattern of improvement, you may be able to get better terms and lower your monthly costs.