Study: Pros, cons of mortgage choices

Borrowing horizon key to choosing loan, refinancing

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The Mortgage Bankers Association has released a 60-page study intended to serve as an overview for choosing between different types of mortgages and determining when to refinance.

The 58-page study, "A Financial Analysis of Consumer Mortgage Decisions," also analyzes the pros and cons of using surplus cash to pay down a mortgage or investing in Treasurys or municipal bonds.