The rule of thumb says refinancing refinancing home loan will sense if your interest rate is reduced by at least 2 percent. Another rule of thumb on when to refinance claims that you should break even. If the money you save in future interest costs equals the money you spend in closing costs, then refinancing makes sense. In truth, you should.
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To make refinancing your mortgage worth your while, there is a very specific rule of thumb that you need to follow. If you can’t lower your interest rate by at least this perfect number, you should plan to stay with your current monthly payment as it doesn’t make sense to refinance.
Using this rule of thumb, you may decide that you should refinance if you’ll keep your loan for at least 20 months — after that, you’re ahead by $100 per month. Most people who use this approach suggest that it makes sense to refinance if your breakeven point is within two years or so, and that’s not terrible advice.
The rule of thumb is to refinance when you can recover the cost of refinancing within 24 months.
The old rule of thumb was that you should refinance if you could get a rate two points lower than your current rate. That seems almost quaint now because rates are so low across the board.
Refinance break thumb rule – Arlenepieper – Should I refinance from 5 percent to 4.5 percent. This is a better standard than the break-even rule that simply divides the monthly payment savings into the closing costs to see how long it takes. – As a rule of thumb, the mortgage interest rate is reduced.
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