When does it makes sense to refinance?
Answers | 2
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.
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