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The Home Affordable Refinance Program ends in less than 30 days! Are you one of the remaining homeowners eligible for HARP?

With a five-year time window, should I refinance?

Q: We have a 30 year at 5.875% since 2003, with about $290,000 left on the mortgage. We are planning on staying in this house for about 5 more years. Does it make sense to refinance?

A: Certainly! However, with a short time horizon, it can be a little trickier. You should use our Tri-Refi Refinance Calculator to help you determine how best to approach your refinance, whether paying costs out of pocket, using a little equity to pay for them or building them into the interest rate. There are a number of approaches and a number of mortgage products (including certain ARMs) you should consider, but there is no doubt that you can save thousands of dollars in interest costs over the next five years with a refinance.

More help from HSH.com

  • What is a rate and term refinance?

    Homeowners have a variety of reasons for refinancing and each reason can indicate that one refinance option or another makes the most sense.
  • When refinancing at a higher rate makes sense

    Trade your old mortgage for a new, higher-rate version? There are times when it actually makes sense.
  • Should I pay off a mortgage early?

    By making extra principal payments or refinancing your mortgage, you could pay a lot less interest and free yourself from your mortgage ahead of schedule. Here are the pros and cons of retiring your mortgage early.
  • How does a refinance in 2017 affect your taxes?

    After a mortgage refinance, there are some specific "dos" and "don'ts" you need to know prior to filing your income taxes, as well as a few pointers that can help you lower your tax bite.

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