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My original loan (30 year) was refinanced in 2001 for a 20 year mortage. The loan amount was $135,000 and I have been applying an additional $100 per month towards principle.

I have done some research and do see that 15 year rates are roughly 4.75 in the state of Florida. I am considering refinancing and applying an additional $500 monthly to my principle. By BankRate's amortization calculator, my mortgage will be paid off by 2014 and I will have saved close to $30,000 in interest.

With the appreciation rates of homes in South Florida, it makes you want to put money into real estate, it's almost a no-brainer at this point. I know people that are taking home equity loans so that they can purchase additional property.
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