Pros and Cons of Refinancing
We refinanced our mortgage in June to take out a HELOC so we now have a mortgage and HELOC. Our mortgage broker called the other night to tell us interest rates had gone down and we could refinance the mortgage at a 1/2% point lower. There would be no closing costs for us and we would save about $100 per month. There's no prepayment penalty on the mortgage.
Am I missing something? It seems to good to be true.