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Reply to "Explain to me the what the benefits are to REFI - I am just not getting it."
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[quote=Anonymous]OP - I would see if you can afford to switch to a 15-year mortgage, which has lower rates. You'd then have your mortgage paid off 7 years earlier if you stayed in the house. I refied twice in the last year because I had just started a new 30-year mortgage so resetting it twice wasn't a big deal. I'll still be mortgage free by 70 instead of 68, and the difference was enough to save me about $350 per month - which is $4K a year, or $60K for the 15 years I'm likely to keep the house. (I periodically transfer the savings from my checking account into savings.)[/quote]
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