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jahmmy_gw

Pros and Cons of Refinancing

jahmmy
17 years ago

Hi all,

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.

Thanks,

J.

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