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Just talked to my girlfriend's brother. He bought his house 2 years ago and is paying 5%. I told him what you've been talking about with getting people into the 3s. He said he wants to refi but can't afford to... something about having to pay $600-700 and float $3k for a few months. I guess he can't afford to float the $3k.
I'm completely green about all this since I'm still about 6 months out from trying to get my first home. Any help explaining what the deal is and any suggestions on how he can make it work?
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