When Does A Refinance Make Sense? Don’t Go By the Saving 2% Rule!
Posted by Dietchi Thomas on
When Does A Refinance Make Sense? Don’t Go By the Saving 2% Rule!
When should I refinance?
Refinancing a mortgage when rates are low can save homeowners thousands to tens of thousands of dollars over the life of the loan term. Too often everyone hears “You shouldn’t refinance unless you can save 2% in rate” and if everyone waited for a 2% reduction, so many could lose out on a very big savings! Believe it or not, borrowers can even save from only a 1/4% lower interest rate as long as the costs versus savings makes sense.
Examples to consider when a refinance makes sense or not:
- Larger loan amounts do not need as much of a lower rate to…
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