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Q: I’ve heard that mortgage rates have dropped dramatically. Should I refinance my mortgage loan to take advantage of these lower rates? 

You’ve finally finished scrubbing and purging your home from top to bottom. Now, with every surface, closet, and room sparkling clean, you’re starting to see all the areas that could use a facelift. Maybe you’re hankering after a complete kitchen makeover. You might be dreaming of a fresh coat of paint for your bedrooms. Or maybe your window treatments are in desperate need of an overhaul. 

As anyone who has ever applied for any form of loan in the past will know, whether it was an auto loan, home loan or business loan, there are application thresholds involved in nearly all cases. Lenders won’t simply give away money to anyone – they need to assess various factors that play a role in the likelihood of individuals or companies paying back their loan sums appropriately.