• You have a current mortgage at 5% and have been approved for a new mortgage at 3.75%. You'll break even on the closing costs in two years, and you don't plan to move for at least five. 

• You intend to move in about nine months, but you have been approved for a mortgage with an interest rate two whole points lower than your current rate.

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The question is on refinancing One has to choose the best option for the borrower In the fi... View the full answer