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The difference amid a first mortgage and the best refinance home mortgage loan rate is that more often than not a second mortgage carries a superior interest rate, and they more often than not are for a shorter time, 15 years or less. Furthermore, the best refinance home mortgage loan rate may need a large single payment at the end of the term, usually known as a balloon payment. Also, the best refinance home mortgage loan rate is obtainable with a fixed loan amount and a prearranged repayment schedule.

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