usually at least $20\%$ equity. application fee, $$80$; credit report, $$165$; title insurance, $0\mathrm{.}4\%$ of the amount financed; title search, $$360$; and attorney's fees, $$560.$

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 $q,$ Current mortgage balance $q,$

Table $14-1$ factor $$

STEP $3.$ Monthly savings. $q,$

Step $2q,$

STEP $4.$ Total refinance closing costs $($appraisal$,$ title search, etc.$).q,$

STEP $5.$ Total months needed to recoup your costs $q,$

Step $4$ result $$ Step $3$ result

STEP $6.$ Total months you plan to live in your home. $q,$

The Bottom Line$-$If you plan to live in your home longer than the result