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The major goal of a mortgage refinance is to reduce back your interest rate — and your monthly funds. This approach can make sense if you will get a better interest rate than you’ve now, but it most likely wouldn’t work if you have already got a low rate of interest. It can be risky if your house worth drops, leaving you with a loan that exceeds the worth of your house . Most HELOCs come with variable interest rates, however some lenders give you the option of locking in a fixed rate during your draw interval. Some different factors…