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Most lenders follow the 28/36 rule: spend no more than 28% of income on housing and no more than 36% on total debt.
Rates change daily. Generally, anything below the national average is considered good. The best way to lower your rate is improving credit and shopping lenders.
Refinancing is usually worth it if you can lower your interest rate by 1% or more or if you plan to stay in the home long enough to break even on closing costs.
Private Mortgage Insurance (PMI) applies if your down payment is less than 20%. It usually ranges from 0.5% to 1% of the loan amount per year.
You can refinance to a lower rate, extend your loan term, pay down principal, or remove PMI once you reach 20% equity.