[quote=AK]You got out of PMI, didn’t you? That probably saved you a big chunk of change.
Otherwise the math isn’t quite as favorable. I looked into refinancing a few months ago when rates dipped below 4% … after taxes and so forth it would’ve taken 4-5 years to break even. Just another way in which the mortgage interest deduction promotes otherwise irrational behavior :)[/quote]
It all depends on what the rates are for a no COST loan. A month or two back, you could get a no COST loan for ~4.25%. So, unless you are currently paying 4.25% or less on your mortgage, it makes perfect sense to refi, since you’ll see the saving from day 1.
