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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.
But in recent years, companies have introduced "no cost" and
low cost refinancing packages that minimize or completely eliminate the
out-of-pocket expenses of refinancing. (These refinancing packages compensate
with a higher interest rate, or by including some of the costs in the
amount that is financed.)
With traditional refinancing, the most often cited rule of thumb is that
the interest rate for your new mortgage must be about 2 percentage points
below the rate of your current mortgage for refinancing to make sense.
However, with the newer low and no cost refinancing programs, it can be
worth your while to refinance to obtain a smaller reduction in interest
rates.
How long you expect to stay in your home is also a factor to consider.
If you'll be moving in a few years, the month to month savings may never
add up to the costs that are involved in a refinancing.
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Rates vary per state
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