I was talking to a co worker and his house payment is the same as mine, he payed 60,000 more for his house. He did get a good rate in the 3 % area. Mine I believe is at 5.3%, I bought the house in 2009. Would it be worth it to refinance right now to a 15 year term? I have excellent credit. Any advise would be appreciated.
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Home refinance??
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The answer is that it depends on if you're going to stay in your house.
If you are, and your rate is 5.3%, there's almost no scenario right now where it doesn't make sense.
If you're going to sell your house, you need to apply the closing costs over the time you think you'll be in it and figure out the defacto rate you're realizing. By shopping a mortgage around or using a boutique, you can also get closing costs pretty dang low. Close to zero.
Hope that helps.
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