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Author: MurrayS Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75381  
Subject: Re: invest or pay off the house Date: 2/11/2005 11:52 AM
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The dark side of refinancing is the closing costs, which could easily be $10,000 - $15,000.

You've got to be kidding! If there's anyone paying that much in closing costs, I've got some swampland for you!

I refi'd 3 times a couple years ago and never paid more than $1000, less than that when we didn't have to be reappraised. Remember, don't count interest paid on refi's since you'd pay that anyway.

FWIW, the OP would save ~$1300 in the first year by going from 6.625% to 5.125% and should easily be able to find closing costs less than that.

-murray
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