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Should I Refinance?

That's a question most homeowners ask themselves from time to time. While rates remain near historic lows, there are signs they may soon be moving higher, leaving borrowers to wonder if they should act now while the opportunity is there. As is often the case, the devil is in the details. Every day, thousands of homeowners refinance their mortgages. They do so for a variety of reasons, but they all come down to one underlying purpose – to save money. So the question comes down to whether you'll save enough to make refinancing worthwhile.

 

The basic rule is that you want to be able to reduce your mortgage rate by at least a full percentage point when refinancing. But that doesn't apply in all situations – a smaller reduction may still provide a benefit and in some types of refinancing there may be other considerations in addition to the rate.

when to refi

Reasons for Refinancing

People refinance their mortgage to save money, but there are several ways to do that. Some of the main ones are:

  • By refinancing to a lower mortgage rate
  • By shortening the mortgage term to pay the loan off faster
  • By converting an adjustable-rate mortgage to a fixed-rate loan
  • By combining a primary and second mortgage into a single loan
  • By getting rid of mortgage insurance on an FHA loan

 

Of course, you can do several of these in a single refinance. For example, mortgages with shorter terms have lower rates than longer loans do, so refinancing from a 30-year to a 15-year mortgage may not only help you pay your loan off faster, but reduce your mortgage rate as well. Each of these options can save you money, but they do it in different ways. But in all of them, the question of whether to refinance or not comes down to how much you can save vs. how much it will cost you to refinance. We’ll look at each of them, starting with the most popular option, refinancing to reduce your mortgage rate.

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