Question by : Mortgage refinance worth the effort?
My current Mortgage rate is 5.025 % and current rates are as low as 3.875% looks tempting but I’m concerned that points and closing fees will make the refinancing about as expensive if not more so than leaving the loan as is. My question is how high are these fees typically and at what point will it save me $ to refinance?
Answer by Angry Bird
Don’t do points.
I’ve done the math, and you are better off paying down mortgage principal on your own when you get extra cash.
Google: Should I Refinance Calculator
Also google: Closing costs calculator to re-finance.
Current 30 year average is 3.92%
Current 15 year average is 3.26%
Careful with banks that offer low ball park or no closing costs.
They usually charge a higher interest rate or have a lot of fine print.
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