OK, so how does this scenario look. Currently I am in year 2 of a 5 year 141,000 mortgage (Concentra). Intrest rate is 6.64. I asked about refi and they have come back with 5 yrs @ 5.38 with a 115$ admin fee. Balance owed is 137,800. If I pay a penalty ($6500) they will open it up and I can go for current rates with them. Penalty to go elswhere is $9400. Penalty would be out of pocket and I don't have that so does this sound like an ok deal? I wouldn't mind the lower rate as our payments are a bit high and that would give us some breathing room, or we would be able to make the odd double which is always good.
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