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Is it worth refinancing if interest rates are down 1 percent?
Posted by James on November 24, 2009 in Home Loans | ∞
Samantha Marie
New 30 year mortgage last year, interest rates are 1 percent lower, which reduces my monthly payment. But, there are closing costs – again. We would re-coop the closing costs after 2 years, but what do we save over the term of the loan?
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New 30 year mortgage last year, interest rates are 1 percent lower, which reduces my monthly payment. But, there are closing costs – again. We would re-coop the closing costs after 2 years, but what do we save over the term of the loan?
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2 Comments
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No it needs to be at least two points unless you can find a lender willing to waive the closing costs.
Call your current lender and ask.
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Yes, if you can recoup the closing costs after 2 years, that would be worth it. You will save thousands over the term of the loan. Here is a great calculator that you can use to figure out savings a number of different ways by comparing both loans