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Welcome to SportTrac.Org
Off Topic Discussion
is refinancing a good idea
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<blockquote data-quote="zach harrison" data-source="post: 734334" data-attributes="member: 65339"><p>Alan, you're in Michigan correct? I'm not sure how interest is compounded as it's state to state, but if you are a front-end loaded interest baring state, then the advice above is completely accurate. If you have straight-line intrest (meaning, an fixed chunk of the payment goes to balance and another to interest no matter if its the 1rst or the last payment) then a lower rate would be beneficial. I live in MO and its front end. Good rule of thumb is that in these states, you pay 2/3 of the total interest in the first 1/3 of the term. So if you refinance after a year or so, you've basically lost half of the interest you've paid.</p></blockquote><p></p>
[QUOTE="zach harrison, post: 734334, member: 65339"] Alan, you're in Michigan correct? I'm not sure how interest is compounded as it's state to state, but if you are a front-end loaded interest baring state, then the advice above is completely accurate. If you have straight-line intrest (meaning, an fixed chunk of the payment goes to balance and another to interest no matter if its the 1rst or the last payment) then a lower rate would be beneficial. I live in MO and its front end. Good rule of thumb is that in these states, you pay 2/3 of the total interest in the first 1/3 of the term. So if you refinance after a year or so, you've basically lost half of the interest you've paid. [/QUOTE]
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is refinancing a good idea
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