Should I Refinance?

When mortgage rates drop, homeowners typically wonder: Should I refinance my mortgage?

  • Getting approved for a mortgage is simpler and faster than it used to be, so your decision to refinance should be based on finances, not emotions.
  • In general, you should refinance if a refinance will save you money — and if you can pay nothing out-of-pocket to make it happen.

Current mortgage rates are holding low.

If you missed your chance to refinance your home last year, it may not be too late to secure a world-class mortgage rate. Dropping your rate by just 1.0% — from 5.25% to 4.25% — puts ten percent of your mortgage payment back into your pocket each month.

That means for every $1,000 you pay to your lender today, you could reduce your payment by $100.

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Source: The Mortgage Reports | Dan Green