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04-07-2009, 06:50 PM
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When refinancing, are you refinancing the balance of
current mortgage or the value of the home? I'm considering refinancing but am a little confused about the process. I cant figure out if I would be refinancing my balance or if the new loan would be for the value of the home? EX: my current loan was for $89,900 but i owe $79, 500.The value of my home was appraised for $92,000 but is now worth $140,000. So what would the new loan amount be for?
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