How do I know if I’m getting a good rate?
Deciding to refinance is a personal decision that depends largely on your unique financial situation. Here is a popular rule of thumb:
  • If you have a 30-year loan, consider refinancing if the interest rate on the new loan is at least 1% less than your current loan.
  • If you have a 15-year loan, consider refinancing if the interest rate is at least 2% less than your current loan.
However, there is no right answer. For example, if you don’t plan to be in your house long, refinancing may not be worth it -- even if you find a lower rate. And, no matter what, it’s important to weigh the costs of refinancing as well as the savings.
To help decide if refinancing is right for you, speak directly to a lender who can calculate the costs.

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