Thinking about refinancing mortgage?

Question by : Thinking about refinancing mortgage?
I’m thinking about refinancing my 15 Year Fixed Rate. Our rate is currently at 5.3%. My gut feeling tells that it will probably get lower than what it is now but I don’t know what to do. Do you think I should refinance or wait a bit longer?

15 Year Fixed Rate
Rate APR Points
3.875% 3.956% 0.003%

Best answer:

Answer by chatsplas
It costs money to refi. How long will it take to recoup the cost of the refi?
Sometimes it doesn’t make sense to refi unless there’s a 2 point spread.
Sometimes it makes more sense to put extra money on the principal and thus reduce your interest payments.

Know better? Leave your own answer in the comments!

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2 Responses to Thinking about refinancing mortgage?

  1. Judy says:

    15 year rates are at 4%.
    So I am suspecting that you are either paying points (which you never should), or you are going for a scam mortage such as an ARM, 5/1, 5/5, options, etc.
    Stick to 15 year fixed – since interest rates are about to go up in about a year.

    Google “should I re-finance calculator”.
    Try about 3 of them.
    Closing costs can cost thousands of dollars – sometimes you are better off putting those closing costs into your principal and saving on the interest in the long run.

  2. Adekunle Abiodun says:

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