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| When to Refinance Your Mortgage |
Submitted by:
grammaj 02/21/2009 12:51 PM
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I abided by the basic rule of thumb that if you can refi for a rate 1% or lower than your current rate than it is worth the closing costs and extended life of the loan to refinance. That was until I read this article by Elaine Morgillo entitled "Do math before refinancing" .
She made it really easy to understand how to figure out if refinance makes sense for your loan and how important the math is in figuring this out. Also consider that when you refi you are generally signing on to a new 30 year loan, so if you have already paid of 5 years of your loan, take that into consideration that you'll be adding 5 years of payments. |
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