I’ve been doing a little math lately. Instead of looking at a 30 year mortgage by default, what would a 15 year mortgage payment look like? With rates breaking record lows every week (at least it seems every week), I’d be hard pressed not to at least be enticed by a sweet, juicy ridiculously low mortgage rate.
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So when my lender, Chase, sent me a promotion recently, by FedEx no less, offering to reduce my 5.25 percent interest rate to 4.25 percent, no strings, no fees, no appraisal, no nothing, in what amounts to a no-cost refinancing, I was skeptical.