Should You Refinance Your Mortgage?
How Soon is Too Soon to Refinance?
Some people believe they shouldn’t refinance more often than once every two years.
- Will you stay in the home long enough to recapture the cost of refinancing?
- Will you lower your payments?
If so, you should consider refinancing.
Freddie Mac Primary Mortgage Market Survey
Interest rates have come down significantly in the past 12 months and even more in the past 24 months. According to the Freddie Mac Primary Mortgage Market Survey®, rates on a 30-year fixed rate mortgage are down to 3.6% in August, 2012 compared to 4.27% one year earlier.
Refinancing in the example below would save the homeowner $67.04 per month. They would recapture the cost of refinancing in 3 years and 9 months, based on approximately $3,000 of closing costs.
Click Here to make your own projection on a Refinance Analysis calculator.