Question by Alex C: We are refinancing mortgage now, do not know what is the best deal to choose from?
We are changing our mortgage from 30 yr/fix to 15 yr/fix. Is it wise to pay more money to lower the rate. If we are going to stay in this house for 5 more years, is it wise to refinance? How do we lower the fees for refinancing, we have asked several loan companies, they all come pretty much the same price.
Answer by ranger_co_1_75
Yes, it is wise to pay more up front to lower the interest rate. Over the life of the loan, the compounding on the interest will equal many times the amount you pay up front for the lower rate.
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