9. (-/1 Points) DETAILS BRECMBC9 14.11.022 MY NOTES ASK YOUR TEACHER According to money, CNN.com, with mortgage rates near 15year lows, you may be able to cut your payments sharply by refinancing your loan. To qually for the best rates, you need a credit score of 740 or higher and usually at least 20% equity. Even if you have to settle for a higher rate, a new loan may save you money. The main consideration is whether you will live in your home long enough to offunt the refinance cosing costs Your current mortgage payment is $1,658.50 per month, with a balance of $218,800. Suppose you have a chance to refinance at a certain bank with a 30-year, 5.5% mortgage. The dosing costs of the loan are application fee, 590; credit report, $165: title insurance, 0,4% of the amount financed title search, 5360; and attorney's fees, 5560 You plan to live in your home for at least four more years. Use the Mortgage Refinancing Worksheet to see if it makes sense to refinance your mortgage MORTGAGE REFINANCING WORKSHEET STEP 1. Current monthly mortgage payment... STEP 2. New monthly mortgage payment if you refinance... New rate Current mortgage balance Table 14-1 factor x # of 1,000s to borrow STEP 3. Monthly savings....... Step 1. Step 2 STEP 4. Total refinance closing costs (appraisal, title search, etc......... STEP 5. Total months needed to recoup your costs... Step 4 result Step 3 result