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YES....if you can get a 15 yr term, and are going to be OK with the pmt, and if you plan on keeping this loan for at least 5 years. A 15 yr term, today's rates, with 2pts is 5.25% fixed.
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Question: "With 2pts" - does this mean 2% cash-to-loan?
Second, since my wife quit work to watch the grandkids, I don't think I can swing a 15 year loan. I'd have to see what the payments looked like. But if I had to come up with 2% - no way, José. I'll live with the 7%.
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On a refi the 2 pts is usually out of the equity of the home, not from cash. Let me make a couple of assumptions and give you some ideas of what I am talking about.
If you owe $78,000, and are going to finance in all of the closing costs (minus the $1,000 AR15.com discount), then you will probably have a total loan of around $82,000. Here are the pmt breakdowns, all with insurance and taxes included, (we may be able to do w/out MI if the appraisal/loan is under 80%, but I will include it now.)
15 yr term @ 5.25% 20 yr @ 5.875% 30 yr
PI $659.00 $581.58 $485.06
Tax 51.25 51.25 51.25
Ins 21.87 21.87 21.87
MI 62.87 62.87 62.87
$794.99 $717.57 $620.95
As you can see, the benfits to a 15 yr are the way to go, if you can afford it.