San Diego Housing Market News and Analysis
refinancing again with negative points..
User Forum Topic
Submitted by teaboy on September 14, 2011 - 8:31am
I'll probably never be rich because I get nervous whenever I think I've found a free lunch...
Anyway, I'm thinking of refinancing my current mortgage (30-year fixed @ 4.25% with 29 years left) to a new 30-year fixed @ 4.25%.
Why? Because by doing so (according to absolutemortgageco.com) the new mortgage would come with -2.873 points (-$12k), meaning that I would receive a credit of $7k from the refinance, after all closing cost.
Assuming there's no clause preventing it, I'd then do this every 6 months (while rates are low enough, which could be for a few years yet).
Am I a genius, or what?
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