After swearing I would never refinance, I'm refinancing. The woman was straightforward in answering all the questions that I had (at the what must have been excruciating for her pace of one per day) - Are there upfront costs? Closing costs? Penalty for early payoff? Can I see an amortization of the proposed loan next to my current one? This is a fixed rate, right? Why is my current balance so different from the starting balance on the proposed loan? Ad nauseum.
All of the answers were the right ones - I get a slightly lower monthly bill, I pay less interest over the life of the loan, and my house will be paid off more quickly. Plus equity will accrue more quickly, which makes my renovation dreams slightly more likely to come true.
There's got to be a catch here somewhere. I hope I can afford whatever it turns out to be.
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