When does it make sense to refinance my mortgage loan? Is there some kind of rule of thumb to go by? That depends on your reasons for refinancing.
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How can the answer be improved?
Mar 21, 2012 Of course, there isnt a single refinance rule of thumb. One popular one is that you should only refinance if your new interest rate will be two percentage points lower than your current mortgage rate.
Using this rule of thumb, you may decide that you should refinance if youll keep your loan for at least 20 months after that, youre ahead by 100 per month. Most people
You have probably heard some version of a rule of thumb for refinancing your mortgage: for example, that you should be able to lower your interest rate by at least 0. 75 percent before you consider refinancing. That rule of thumb is
[This post is part of the Financial Rules of Thumb series. Check out the rest here! Rules of Thumb for refinancing your mortgage are hard to come by.
There used to be a rule of thumb that said" Don't refinance unless you could drop the interest rate by 2 percentage points. " . And that rule of thumb lasted for a long time, until nopoint and nocost refinancings were introduced.