Contact Us
I currently have a 5.9 fixed 30yr sing.fm.home. What min. lower rate and payment would make it worthwhile for most people to refinance?
Answer :
The easiest way to determine if it's worth refinancing, is to compare the annual/monthly interest savings by the cost of the refinance.
The principal amount involved makes a huge difference in the break-even of a refinance, if closing costs on a $100k loan are $3,000; and a $300k loan are $4500; the larger loan will achieve break even much earlier than the smaller loan.
Date: April 02