Should I refinance my mortgage?
Refinance if you can lower your rate by at least 0.75-1.0 percentage points and you'll stay in the home long enough to recoup the closing costs (typically 2-4 years). If your rate is already below 5%, refinancing rarely makes sense in the current environment.
More context
Refinance if you can lower your rate by at least 0.75-1.0 percentage points and you'll stay in the home long enough to recoup the closing costs (typically 2-4 years). If your rate is already below 5%, refinancing rarely makes sense in the current environment. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
For a deeper analysis, use one of the related tools below — they take your specific income, debt, location, and goals as inputs and produce a tailored answer.