My First Refinance

[Tom Smith]

I bought a duplex as my first home with 5% down! My wife and I live in the top unit and we rent out the bottom unit. Thanks to appreciation we reached 80% LTV in less then 2 years! (without making additional payments).

We refinanced out of our rate of 5.124% (state program) into a rate of 4.6%.  Cost of refinance was $0 because we chose an option with a slightly higher rate.

Total savings:  $90 a month!