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Choose the best scenario for refinancing.
You have a current mortgage at 5% and have been approved for a new mortgage at 3.75%. You’ll break even on the closing costs in two years, and you don’t plan to move for at least five.
You intend to move in about nine months, but you have been approved for a mortgage with an interest rate two whole points lower than your current rate.
Answer: Option 1 (you have a current mortgage ……)
The conditions of the borrower can affect the mortgage rate, which is a great scenario for refinancing.