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<<("of course since everybody else refinances in the first 5-8 years of when they purchased, you should too!!"). >>

No, this isn't it. Rather, it's a statement of how things tend to work out in the real world. In case you haven't noticed --- ;-) ---- the economy moves up and down in cycles. Sometimes rates are high, other times rates are low. As a homeowner, you can pick a target and wait until rates drop down to your target, and refinance at that time, grabbing another low rate for another 5 years. Generally, 8 years is long enough for at least one down-cycle to occur.

Ray
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