We have a House that worth approx. 395k
1st mortgage is 332K at 4.5 % will go up in 1 year to 6.25% 40 years (36 left)
2nd is 56k at 8.5% balloon in 3 years
No PMI!
We are being offered to refinance for 3.5% but we will pay PMI so the payment is almost the same!
We will have to come up with about 15K in cash!
The question is : does it worth it !
Source: http://www.zillow.com/advice-thread/Refinance/483572/
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