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There is probably little reason to refinance. The other thing you have to look at is how fast you are reducing your mortgage balance. Loans are front loaded with interest, and when you get a new 30-year loan, your first payments won't reduce your mortgage balance very quickly. If you have had your loan for a while, you are knocking your mortgage balance down each payment at a faster rate than you will if you refinance.I would ask your current mortgage company for an amortization schedule or just look at your last statement to see how much you are paying off each week so you can make an informed decision. The mortgage company you are attempting to refinance with should also be able to give you an amortization schedule to compare it too.Good Luck
CatB: It is normal for transactions with less than 20% of equity but you can "buy Out' the mortgage insurance depending on what kind of transaction you have. Are you refinancing FHA or Conventinal? Marc
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