No. of Recommendations: 2
SABOB: "Have been out of touch (outside US w/o computer) since this posting. When I returned, I found in mail a proposal from mortgage company (Wells Fargo) for a no appraisal or other closing cost refi of existing mortgage lowering rate from 7% to 6.125% saving $165 per month. Other than gambling on a further lowering of rates in next few months, what is the downside of doing this? We have perfect credit."

How much of the $165/month is the result of a lower rate and how much is the result of an extended mortgage period?

Regards, JAFO
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