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By Q. EARL YANCEY
Rappahannock Newi Contributing Writer
Any time available real estate financing is about two percent lower than your existing mortgage, you should investigate the benefits of refinancing. This might be best illustrated by a specific example. Whether your mortgage is larger or smaller than the example shown, the concept is still valid. Even though your mortgage may be smaller, you will still want to pursue refinancing if there is money to be saved.
Assume that your existing mortgage is $109,000 with an interest rate of 13.75 percent and monthly payments for principal and interest of $1,290. (This comparison does not include the payment for insurance and taxes since these costs will not change.) Currently, mortgage rates are 10.75 percent. To refinance or “buy down” the interest rate on your
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