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| Check the market closely to determine
the available rates and the costs associated with refinancing.
These costs can include items such as an appraisal and other
various fees and points. Then determine what your new payment
would be if you refinanced. You can estimate how long it will
take to recover the costs of refinancing by dividing your
closing costs by the difference between your new and old
payments (your monthly savings). However, the ultimate amount
you may save depends on many factors, including your total
refinancing costs, whether you sell your home in the near
future, and the effects of refinancing on your taxes. The old
rule of thumb used to be that you shouldn't refinance unless the
new interest rate is at least two percentage points lower.
However, many companies are now offering zero point loans and
low-cost refinancing. Therefore, even if your rate change is
less than one percentage point, you may be able to save some
money by refinancing. |
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