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FRM
I currently have a 5.9 fixed 30yr sing.fm.home. What min. lower rate
and payment
Question :

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