What Is the most common mistake borrowers make in assessing the benefits of refinancing?

Asked by Trulia Queens, Queens, NY Mon Apr 29, 2013

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Michael Cheng’s answer
Michael Cheng, Agent, San Jose, CA
Mon Apr 29, 2013
Probably the most common mistake is confusing cash flow savings for actual interest savings in determining the breakeven point of a refinance. A lender can lower loan payments by restarting the payment terms while increasing the amount of interest paid.
Web Reference:  http://www.archershomes.com
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