[quote=HLS][quote=harvey]Did all the refinancing really pay off? Typically a refi takes a few years before the interest savings is break-even with the costs. Seems unlikely that one would come out ahead with several refinances….[/quote]
When getting a no cost loan and refinancing to a lower rate it, you start to save interest and benefit from day one; the day your new loan funds.
There is no future ‘break even’ period, you just need to understand the options when refinancing.[/quote]
This was my experience. My first refi was to 4.0%, but the rates that day were 3.9%. The bank offered me money to take 4% instead of 3.875%. My second refi was to 3.625%. And the rates that day were 3.55%, and i took the money the bank offered to take 3.625%. In both cases the refi cost me nothing. Also, the second refi got rid of the remaining PMI by dropping the LTV to 70%. All within 12 months.
