Deciding to Refinance
Traditionally, the decision on whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing.
With traditional refinancing, the most often cited rule of thumb is that the interest rate for your new mortgage should be at least two percentage points below the rate of your current mortgage for refinancing to make sense. However, it can be worth your while to refinance to obtain a smaller reduction in interest rates. Your Loan Consultant can help you review your options.