Topic - Johnathan Thomas

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  • "Some consumers simply want to reduce their loan balance with some of their cash, but others use a cash-in refinance to get a better interest rate," Mr. Thomas said. "For example, if someone in the D.C. area has a loan balance of $631,000, they may want to pay down their balance to $625,500 in order to get the lower conforming-loan rate rather than a jumbo loan."

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  • "If it will take you six or seven years to break even, it may not be worth the cost of refinancing," he said. "Don't get caught up in the interest-rate hype; look at when you're going to get your money back."

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