I was offered 4.5% with .75pts or 4.375% with 1.25 pts.  Fees on top of that are $4,100.

Is this a good deal? 

My info is below.  Thanks!

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Goal: Lower monthly payments
Mortgage: 30yr fixed at 5.875%.  Owe $288k.  Mo payment: $1835. 
LTV:  75%
Credit: High-700s
Location: NJ
Plan: Stay in the house for at least 5 years 

Those are great deals!

Yessir---dead on almost on payback (diff between fees/pts and mo. payment)

I'd take the 4.375...that's a crazy rate!

Thanks for the replies...I'd love to go for the 4.375 but that's a lot of cash upfront!

4.5% ain't half bad either!! (crazy rate as well)