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The key is how much your balance will be increased after the refi. If it doesn't increase there is no penalty to you if the rate is reduced.
You need an amortizing calculator or find one online. - Take the new loan amount and the new rate, and continue to pay your OLD payment.
if the loan pays off sooner than it would with what you have now, then you are ahead.
If the loan is truly "free" meaning your principal isn't increased AND the rate is lower it's gonna work in your favor.
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In the movies only bad guys sleep in king size beds.
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