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There are many advantages to mortgage refinancing. Borrowers are able to take advantage of their home equity, get a different type of loan, secure a lower interest rate, or even lower their monthly payments. Additionally, it is a great way to help consolidate any outstanding debt, upgrade your kitchen or bathroom, or shorten your 30-year mortgage substantially. Whether you’re looking to eliminate PMI, pay less money each month on your mortgage payment or secure a fixed-rate mortgage, there are endless advantages to getting a refi. In general, homeowners use refinancing as a way to better their financial situation.