Ever thought about whether you should refinance or not? Rates are historically low. See the chart below
Most property owners look at the low interest rate and/or lower payment, but don't know that there is an amount to do the loan ($3,000-7,000) that is added to the loan amount of your refinance. Also, consider that if you originally got a 30 year loan and you have owned the property say five years than when you refinance with a 30 year loan you will pay the five years of interest all over again unless you drop it to a fifteen year loan. A past client called me yesterday to get my opinion on refinancing his property that he has owned for 10 years. Once I told him that he only has 20 years remaining on his note and that if he refinanced back to a 30 year note he will pay 10 years of interest all over again. He said "no thanks"
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