Almost 60,000 Sacramento families – one in six households with a mortgage – refinanced their home loans in 2012, more than double the number that refinanced in 2011, according to data released earlier this month.
Carrie Paine recently refinanced her South Land Park home and was able to buy a new car with the savings, replacing an old auto with almost 200,000 miles on it. Paine’s monthly mortgage payment fell from about $1,550 to $1,300. She has a 30-year home loan with a 3.75 percent interest rate.
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