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Reply to "trying to advise friend -- is it wise to refinance to a 15-year mortgage?"
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[quote=Anonymous]If they can afford $500/month extra + the cost of the refi, have them throw that at the current mortgage and get rid of PMI that way. I think the flexibility of a lower mortgage payment is worth the extra interest, since they can choose to pay it off earlier but not be locked in if they end up in dire straits (job loss, medical issues). Not worth it to me, especially if the new mortgage amount makes them nervous.[/quote]
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