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Low interest rates spark jump in home mortgage refinancing
- Article from:
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La Crosse Tribune
- Article date:
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September 23, 2002
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Copyright informationCopyright La Crosse Tribune Sep 23, 2002. Provided by ProQuest LLC. (Hide copyright information)
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With interest rates at the lowest levels in decades, Mike and Sue Klauke of Holmen, Wis., are refinancing their home mortgage for the second time in a year.
"We're like the king of refinancers," Mike joked last week.
"Looking at it from a financial standpoint, it just made sense" to refinance a second time, said Klauke, who also owns Klauke Financial and Insurance Services in Onalaska. "Over 15 years, we'll have substantial savings" because of the lower interest rate.
The Klaukes built their home four years ago, when they obtained a 15-year mortgage at an annual interest rate of just under 7 percent and with monthly interest and principal payments of about $1,100.
About a year ago, they ...