Question 696597
I currently have a $150,000 balance of my mortgage for 20 more years at 3.8% APR.
 I am getting offers to refinance for 3.5% with $3600 closing or 3.3% APR with $4800 closing.
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I would not refinance for small a difference in interest.
Your payment difference going from 3.8 to 3.3 is about $40 a month
To recover the cost of $4800 it would take you 120 months or 10 years
:
If you are paying $4800 up front just put it on the principal and reduce the life of the loan by almost a year (11 months)
11 monthly payments saved is a big amt
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If you are not putting up front, they will add it to amt of the loan and of course charge you interest on it for 20 years
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I think these finance companies are a bunch of crooks.  Maybe a 2% reduction would make sense, but not .5 %
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If you really want to save some money, put $500 or whatever you can on the principal every month, you would save enough money to pay cash for a car.