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!

This entry was posted in Q&A and tagged , , , . Bookmark the permalink.

2 Responses to Thinking about refinancing mortgage?

Leave a Reply

Your email address will not be published. Required fields are marked *