Should I refinance my mortgage?
With mortgage interest rates hovering near historic lows, many people are wondering if they should refinance their mortgages. If you're one of those people, here are some things for you to think about on the road to your decision – to refinance … or not to refinance.
Reasons to refinance
Do the math
Here's a hypothetical example showing the time period before recovering refinancing expenses.
|$3,500||÷ $125||=28 MONTHS|
|CLOSING COSTS||÷ MONTHLY SAVINGS||= BREAK EVEN POINT|
According to this example …
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