Photo: Wutwhanfoto/Getty Images Photo: Wutwhanfoto/Getty Images Image 1 of / 1 Caption Close Image 1 of 1 Photo: Wutwhanfoto/Getty Images 6 Refinancing Mistakes Homeowners Risk Making Right Now 1 / 1 Back to Gallery When interest rates dropped to record lows recently, as the coronavirus pandemic began to spread across the United States, many people rushed to refinance their mortgages. But as we all know, haste makes waste—and many of those eager homeowners made mistakes that could cost them tons of money in the long run. So if you’re tempted to jump on the refinance bandwagon, do so with caution. To help clue you in to where the pitfalls lie, here are six mortgage refinancing mistakes to avoid. Mistake No. 1: Assuming that a federal rate of 0% means you can get a 0% mortgage rate In an effort to stimulate the economy amid the coronavirus pandemic, the Federal Reserve dropped the federal funds rate to a range between 0% and 0.25%. Many people assumed that this meant that mortgage rates would fall into that range, too. That is not the case, as it happens. “I think one of the most misunderstood things that people are seeing right now is… Read full this story
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