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At what point would you refinance your home loan?
Posted on 5/16/19 at 9:20 am
Posted on 5/16/19 at 9:20 am
Right now I believe I could get a little over 1% knocked off my interest rate and pay .95% in points. The loan is under a year old so adding time isn't a concern.
1
Posted on 5/16/19 at 9:57 am to BallsEleven
How long do you plan on living in this home? Remember that a refi is a pretty significant cost upfront to reduce costs moving forward but if you're only going to be in the home for a couple years it is unlikely worth it.
Posted on 5/16/19 at 11:54 am to SouthOfSouth
Min of 10-15 yrs.
Posted on 5/16/19 at 12:03 pm to BallsEleven
Run the numbers: go find one of the many, many amortization calculators on the internet and figure out your break-even point. How many years will you need to stay in the home to recoup your refinancing costs?
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