It's Time To Refinance...Again

Less than a year after refinancing his Encino (Calif.) home, Larry Levine went shopping for a better deal. With mortgage rates at their lowest point since flower children and the original Volkswagen Beetles roamed the earth, the restaurateur snapped up a 30-year, fixed-rate mortgage in September at 6.625%, shaving 1 percentage point from the interest rate on his $300,000 loan. He rolled several thousand dollars of closing costs into his new mortgage, so he only had to spend a couple hundred upfront for an appraisal. His monthly savings? More than $200.

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