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Refinancing my mortgage lowered my monthly payment by $200, but I wish I’d known 5 things beforehand

“We ended up with a house payment of $1,767, which increased to $1,790 when our property taxes went up this year” writes Ashley Abramson for businessinsider.com. There was a lot of paperwork involved, but refinancing for a lower rate was worth the savings — our interest rate is now 3.375%.Luckily, our persistence in lowering our debt-to-income ratio paid off, literally: We just closed on our new, refinanced mortgage, and our house payment will soon be around $1,550.This may seem obvious, but when we bought the house in 2017 I assumed we were stuck with that interest rate.Because our down payment was less than 20%, we got stuck having to pay private mortgage insurance on our loan.
 
Source: businessinsider.com



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