res Wrote:
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> Well, I wouldn't be that simplistic about being a
> fool not to refinance. I re-fied a couple years
> ago to 4.5%. Factoring closing costs it would take
> me something like 5 years to break even. Prolly
> not worth it cause I don't know where I'll be in
> 5-10 years.
>
> Now, for anyone interested, if you could
> re-finance to a 15 or 20 year mortgage that would
> be a GREAT deal. Yeah you may pay more a month but
> if your at an age where you expect income to raise
> then you can absorb it.
That's probably why the refi boom is not a big stimulus like it was in 2004. More people are refinancing to 15-year.
http://www.azcentral.com/business/realestate/articles/20120723homeowners-refinance-year-loans.html