Quote:
Originally Posted by Hugh R
Sean, the interest deduction isn't that great, you've got to spend $1 in interest to recoup no more than 32 cents in write offs. But at least the gubmit is "subsidizing" your note to some extent. I doubt you can get that rate on a 2nd home.
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I'm refinancing @4.15% w/ Wells Fargo for 30 years fixed and they told me that I could refinance at the same rate on a second home but, would have to put 20% downn. Had to pay $500 up front with no appraisal. If interest rates drop more, I can refinace again with no appraisal,just pay $500. Btw, I'll be saving tens about $$60Kover the life of the loan.