When Should I Refinance My Home?
 
You see that interest rates are falling and chances are, your mortgage is your biggest monthly expense. You are probably wondering when should you consider refinancing? Here are some rules of thumb to go by…
 
*Refinance when our current interest rate is two percentage points higher than what is available in the market. Keep in mind, this is only a rule of thumb, but to get the most out of your mortgage, it’s a good one to live by. You may find that not as large of a rate reduction is enough for you and may be worth your while.
 
* Refinance when you want to lock into a fixed rate. If your adjustable rate mortgage is, or is about to start adjusting all over the map, moving into a fixed rate can help provide more certainty so you can budget accordingly.
 
*When you will be in the home long enough to reap the costs. Refinancing your home has a lot of costs that are associated with it from the appraisal, points, origination fees & other such closing costs. Don’t absorb these costs if you plan on moving in a year or two. Depending on the rate and costs associated with the refinance, it can take you nearly 5 years to recoup the costs.


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