if the interest rate on my mortgage is 4.75%, is it worted to refinance again at 3.87 % ?

Asked by Nicoled13, Prescott, AZ Thu Feb 9, 2012

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Ron Thomas’ answer
Ron Thomas, Agent, Fresno, CA
Thu Feb 9, 2012
What is it going to cost you in up-front money to do this,
and how long are you planning on holding on to the property.

The Mortgage person who is offering you this should be honest enough to answer your question.

We don't have enough information.

Good luck and may God bless
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Christopher…, Agent, Methuen, MA
Thu Feb 9, 2012
The correct answer depends on how much closing costs would be (ideally as low as possible) and how long you plan on owning your home. You should do the math out both ways for the length of time you plan to own the property (current rate/terms versus your new terms). See which one gives you less interest and fees going out over that time period. Then you can decide if it makes sense or not.
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