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I owe $223K on a 30 yr fixed at 5.675%. At what percent would it be cost effective to refinance.

I am considering refinancing to a a 15 year fixed if the rates go low enough.  My credit score is 816 and equity in the home is 45%.  I owe nothing on credit cars and have No car payments and no other debts.  What rate would be available to me for a 15 year loan and what would I expect to pay in points/closing costs.  I'm trying to calculate the cost/benefit of refinancing. 
  • January 17 2009 - Olympia
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Answers (1)

jrett-


Rates moved up some on Friday- I will use 4.75% 15 year fixed as a reference point as it should be easily available in your area for your loan size LTV and Credit at par. Closing cost here would run around $5,500

The 15 year payment on $223k = $1,734.57 P&I

15 year is the way to go if you are ok with the DTI.

  • January 17 2009
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