Q: What is refinancing and how can it help me out of foreclosure? – A: By refinancing you are essentially taking another loan. The new loan is based off a new appraisal of your property. One benefits of refinancing is that you can sometimes get a lower interest rate, in turn, decreasing your monthly mortgage rate. However, refinancing is not for everyone. It can also put you at higher risk for foreclosure depending on a number of factors. Really do some research and talk to someone who can advise you well on this option.
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