Bob, sorry for the delayed reply....90% would be the bare minimum, but that's a recommendation for someone quite risk averse. For most others the minimum would be 95%. In fact many CFO’s would look for 100% on the comparable refunding score. It’s not as out-of-reach as you might expect. In this case going from a 4.7% refi rate to a 4.52% rate would give a 100% score. (btw, the underling mortgage in this example is assumed to have a 26-year remaining life). If you’d like access to Andy’s calculator to get a feel for it, or have other Q's, feel free to ping me: ([email protected])