Zeev's Turnips Patch-No Politics (ZEEV)

[TJ Parker]

"She refinanced the one she bought in 1989 (never refinanced it all this time) [...]"

why is that *not* a smart thing to do? refinancing isn't free and every time you do it you start the clock back at 15-, 30- however many years. plus, the interest you're paying is amortized over the life of the loan. my sister just refinanced recently (first bought in '98), and then the only way the numbers actually made sense were to go from a 30-yr to 15-yr. otherwise, its just lowering the payments, but losing everything (already paid mostly to interest) and tacking on an additional 5 years ....