Why Refinancing into a Lower Rate Often Costs You More in the Long Run

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Refinancing into a lower rate sounds like the right move. But when you restart a 30-year mortgage, you go right back to the front of the amortization schedule. That's exactly where banks are designed to collect most of their interest.

Borrowers who were years into their mortgage and refinanced during the COVID rate drop didn't shorten their timeline. For many of them, they extended it. A 30-year mortgage became a 40-year reality, just with a smaller monthly payment.

The lower payment gave some breathing room. But it didn't save money long term.

Structure is what changes the outcome. Explore the channel to understand how.

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Рефинансирование кредита
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