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From: sjc@lambda.UUCP (Sandy J. Cifrodelli)
Newsgroups: net.taxes
Subject: Home refinancing
Message-ID: <102@lambda.UUCP>
Date: Wed, 5-Mar-86 19:40:37 EST
Article-I.D.: lambda.102
Posted: Wed Mar  5 19:40:37 1986
Date-Received: Fri, 7-Mar-86 04:25:23 EST
Organization: BELLCORE, Livingston, NJ
Lines: 16

Does anyone out there know anything about refinancing a mortgage?
Could someone summarized the 3% rule argument (refinance if the interest
rate is three percent lower than your current rate)?

It seems to me that it would take more than a 3% difference in interest rates
to breakeven in three years, especially with the high closing
costs that are apparent today.
Also what closing costs that were paid on the initial purchase
would not have to paid with refinancing (e.g., homeowners prepayment
and 3 months of property taxes)?
Also,
can the refinancing points be written off the first year (i.e.,
not IRS objection if audited)?

Thanks
Sandy