NLIC.org

Nelson Said:

What are the four elements of a mortgage payment?

We Answered:

If you're studying for Real Estate, this was taught week 1.

P I T I =
P rincipal
I nterest
T axes
I nsurance

Craig Said:

Should I refinance my current mortgage?

We Answered:

No, it does not make sound financial sense to spend $5400 in closing costs to save $45 per month. It would take you ten years to break even.

Don't do it. Just see if you can negotiate a lower interest rate without refinancing.