When should I refinance?
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The best way to judge whether or not you should refinance is to figure out how many months it will take you to recoup the costs associated with refinancing. For example, if a refinance would save you $100 per month and the costs were $1,500 to do it, then your breakeven point would only be 15 months. As long as you planned on living in the home for longer than 15 months, it makes sense for you to refinance. The significance of such savings in any scenario will depend on your income, budget, loan amount and the change in interest rate. One of Advantage Lending Corp's mortgage experts can help calculate the different scenarios. |
Common Home Loan QuestionsWhat are points? Should I pay points to reduce my rate? What is an APR? Should I lock in my interest rate? How is my credit score used? How can I improve my credit score? What is an appraisal? What is PMI? What happens at closing? |
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