Question by elishayden: How can I find out when mortgage rates are at a level that would make refinancing my condo more affordable?
Best answer:
Answer by chatsplas
There are many online calculators to figure this out
Rule of Thumb is that there needs to be 2 points difference in rate and you must keep home 5-10 years AFTER refinancing for this to make sense
There are COSTS to refi, and it takes time to recoup the costs, BEFORE you start seeing any savings or benefits
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