Making Cents: Reassessing RefinancingThe old 2% rule...
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Making Cents: Reassessing Refinancing
The old 2% rule about mortgage refinancing--that you had to wait until rates fell 2 percentage points from your current rate--is no longer so sensible. Refinancing is a more competitive business, and it’s common for homeowners to avoid closing costs by paying a higher rate instead. If that rate is as little as half a percentage point lower than your current mortgage, it may be worthwhile.
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