Whenever interest rates fall, many homeowners wonder, should I refinance my home? Taking advantage of lower interest rates is a favorite reason for refinancing, but there are many other reasons you may want to refinance your mortgage.
Another common refinance rule of thumb says only to refinance if you plan to live in your home for "X" amount of years, or only to refinance if you’ll save "X" dollars each month. Again, as seen in our example above, you can’t just rely on a blanket rule to determine if refinancing is a good idea or not.
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The general rule of thumb is if you can reduce your current interest rate by 1% or more, it is worth it to do a mortgage refinance. And many people are happy to follow this rule as long as it lowers their monthly payment or lets them take out some cash, without digging deeper into the numbers.
When To Refinance Once upon a time, a rule of thumb for refinancing was to wait until rates drop at least 2 percent. Fees were a lot higher back then, so a larger interest rate difference was required if you were to recoup loan costs in a reasonable amount of time.
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Another rule of thumb on when to refinance claims that you should break even. If the money you save in future interest costs equals the money you spend in closing costs, then refinancing makes sense. In truth, you should only pursue a refi when you exceed the break-even point. And you need to factor in a lot of the variables to determine this point.
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4 Different Rules of Thumb For How Much House You Can Afford July 22, 2015 By Jonathan Ping 66 Comments My Money Blog has partnered with CardRatings for selected credit cards, and may receive a commission from card issuers.
One rule of thumb is that refinancing can be worth it if there’s a difference of at least one percentage point between your current mortgage rate and the new rate you can get. As an example, the national average interest rate for a 30-year fixed-rate mortgage was recently 4.2% (up from 3.66% a year earlier).