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Real Estate
Reply to "When to refinance "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Whenever you refinance the clock on your mortgage restarts at 30 years and interest is a larger portion of your monthly payment. [/quote] It's not so cut and dried as that. You choose the length of the mortgage when you refi--it does not have to be 30 years. We refinanced from a 10/1 ARM for 30 years to a fixed for 20 about 5 years into making payments. We got a better rate so with the switch, we only have to pay a few hundred more per month and pay down more than the increase in payments in principal each month now.[/quote] You could have started with the 20 year term to begin with. [/quote]
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