When does it makes sense to refinance?
This is kind of a loaded question, but can be answered with some basic rules of thumb.
1. Assuming you are planning to stay in the house. If you intend on moving shortly, it rarely makes sense to refinance.
2. If you can reduce your current rate by 1% or or shorten the term (30 years to 15 years), without significant drain on your budget.
3. If credit scores have significantly increased from the last time a mortgage was done.
I would get some basic numbers run, figure out the break even point and then you can decide if it makes sense.
Matt | 08.25.16 @ 13:51