Refi'ing

In the process of refi'ing my house. What a PITA the process is. At least I am going to save a couple hundred a month. Going from 6.35% to 3.75%

Yeah, it sure is a pain. That's a great difference in interest though. Is that a 30 year fixed rate?

jdeg said:

Yeah, it sure is a pain. That's a great difference in interest though. Is that a 30 year fixed rate?

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Yep. Doing a 30 year. Gonna keep working on the house and most likely sell in 5 years or so

Stangman98 said:

Yep. Doing a 30 year. Gonna keep working on the house and most likely sell in 5 years or so

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Then why not get a 7 or 5/1 ARM and save even more on the interest rate?

Americans are so lucky in that you get to deduct mortgage interest on your personal residence for tax purposes! No such luck in Canada.

jdeg said:

Then why not get a 7 or 5/1 ARM and save even more on the interest rate?

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Because I am not 100% sure and I want to be locked in no matter what. I wanted to do a 15 at 3% but the wife didn't want to.