The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
George Kamel
So here's the deal. Simply only refinance if it gives you a lower interest rate and saves you more money than it costs. So an example, if you save $2,500 a year refinancing, but you have $10,000 in closing costs, it will take four years to break even before you start saving money. So refinancing is only a good idea if you plan to stay put long enough to save money.
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