How do you know when to Refiance

I see alot of talk about people on here refinancing

Who did you talk to when you were deciding and what were some deciding factors?

Are there alot of hidden costs involved?

Re: How do you know when to Refiance

my mortgage banker and my financial advisor and my gut.

It all depends on your cash flow need and how long your going to stay in the house.

Our break point is at 4%. That's when it makes sense.

If it never goes to 4% then I won't refi. I could buy points to do this but they would have to be really discounted for it to make sense. We are not planning on staying in this house more than another 3 years depending on the market.

Re: How do you know when to Refiance

We plan on staying in the house forever.
We want to pay the mortgage down sooner than later.
our rate is 6.375 fixed we have 28 years left

Re: How do you know when to Refiance

The interest rate has to be at least 1% lower than your current rate for it to be worth it - with all of the additional closing costs and all.

We are thinking about it. We're planning on staying in our home for awhile but, we can't get 1% less at this point without paying points so we're waiting.