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To: dennis michael patterson who wrote (43442)	2/21/2003 10:33:20 AM
From: Paul Shread	Read Replies (1) \| Respond to of 52237

One thing to consider is the amount of time you're extending your loan. If you refinanced for 15 years in October, for example, you've got to factor into your cost analysis 4 or 5 months of payments that were mostly interest. If you refinance for 15 years again, you're adding 4 or 5 payments. Not sure I explained that one well or not, but a lower rate and monthly payment isn't the only consideration. Check to see what the difference in payout would be over the life of the new loans vs. continuing with the old loan. A lower rate may not save you anything over the long haul, and may even cost you. Probably elementary for most on this thread, but thought I'd say it anyway.

To: dennis michael patterson who wrote (43442)	2/21/2003 10:46:31 AM
From: SpecialK	Read Replies (3) \| Respond to of 52237

<OT> I had read somewhere about refi-ing only when you can cover the costs in less than a year. In this case, there are no closing costs, so it gives me money back as soon as the closing happens. I went back to your first messaget to check what rate you got> Yes, 5.125 for 15 year fixed. If you could get out of your lock and my broker (actually 2 of them) could get you this rate with no closing costs. Perhaps, they may know some people in your area that close for no cost.