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Mortgage Refinancing: What Is It And How Does It Work?

Savings Corner

Key takeaways Refinancing replaces your current mortgage with a new one, adjusting the rate, term or both. With refinancing, you can change the loan type as well as your lender. Here’s how refinancing a mortgage works, the common options available to you and pros and cons to consider. What is refinancing?

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How To Get A Personal Loan In 8 Steps

Savings Corner

Whether you need money to pay for an unexpected hospital bill, an emergency car repair or to finance some much-needed home renovations , knowing how to get a personal loan will help make the application process as smooth as possible. Most lenders have websites with secure portals you can use to upload requested documents.

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HELOC Vs Home Equity Loan: How Do They Work?

Savings Corner

Both act as second mortgages, using your home as collateral, and may offer tax deductions if the funds are used for substantial repairs or upgrades. Many borrowers use them to pay for major home repairs or renovations, like finishing a basement , remodeling a kitchen or updating a bathroom. homeowners as of year-end 2023.

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