Open Question: Should I refinance my mortgage?

[Administrator]

The loan would be for about $140,000. I have the choice of 6.375% with no closing costs or 7% without closing costs. Closing cost are about $5000. I currently have a 5/1 ARM at 5.125% that is up in about 18 months. I plan on being in the home for about 5 more years. Thanks.


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