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.
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