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You don’t have to refinance your mortgage to cut your interest

You can shave thousands of dollars and years off your home loan if you can swing a bit extra to prepay your principal each month.

5 min
Here’s what to do if you can’t refinance now that rates have fallen. (Washington Post illustration; iStock)
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If you purchased a home within the last few years, you might have felt a jolt of jubilation watching mortgage rates fall.

If you locked in at the recent peak — nearly 8 percent last year — you may wonder whether now is the time to refinance.

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