Quote:
Originally Posted by gleem
problem is most people that bought 3 or 4 years ago have no lost all their equity and are upside down, so they can't refi without dropping another 10% to 20% as a down payment on the refi.
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in that case I get your point...And some people have mortgages they are locked into...
on an approx 400k mortage which was at 6.25...the refi is about 7k with title ins...savings is over $200 a month... so on total amount i figure it takes about 3 years to break even.
it does depend on your future plans like Im planning to move in 5 years...so for me its not a home run but it still pays for itself.
Especially for people planning to stay at there homes a LONG time its fooolish not to lock in at such low rates