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If my rate is locked in at say 3.5%, would refinancing ever work out in my favor at interest rates >3.5%?
by sizzle 8y ago
If my rate is locked in at say 3.5%, would refinancing ever work out in my favor at interest rates >3.5%?
- marssaxman 8y agoIt depends on your situation. I did it last year, and I ended up with roughly $700 more space in my monthly budget even though my mortgage interest rate went up by 0.25%. I have enough equity now that I no longer have to pay for mortgage insurance, which saves a lot, and I also took the opportunity to roll up all my other debt into the mortgage. I'll pay more for the house over the long run, but I have more flexibility in the meantime, and that's been completely worth it.