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For your loan,there are 180 payments remaining, the outstanding balance is $450,000, the mortgage rate is 6.75% and. Suppose rate drops and you can refinance
For your loan,there are 180 payments remaining, the outstanding balance is $450,000, the mortgage rate is 6.75% and. Suppose rate drops and you can refinance your loan at 5.75%with the same termbut the refinancing fee is $10,000. Should you refinance and if so, how much do you save each month if you refinance, round to nearest cents? If not then why not?
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