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tcope
Premium
join:2003-05-07
Sandy, UT
kudos:2
reply to talz13

Re: Refinance mortgage after first year?

I don't think you factored in another years worth of payment. You have 29 years left on this loan. If you refi for 30 years you would be paying an extra years worth of interest.

This assumes that you keep your home for 30 years.



dcurrey
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join:2004-06-29
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Chances are it wont last 30 years anyway. What is the average time someones stays in same house. Was like 5 -8 years. Now days maybe longer but I am betting not 30 years.

Bank called me this week also wanting me to refinance. Offered me 1% rate drop no closing cost. Guess they need to sale my mortgage to FannieMae again.

.