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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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My Prime Mortgage was amazing we are coming up on our one year anniversary with buying alud forever home . In the midst of planning our wedding last year and buying our home . They made everything as easy as possible, she was always available when we needed to get in contact with her whether if we needed to get in contact by phone or email . We are very happy with the experience we had .! Thank you again 💗


Esperanza is a wonderful person and her company is very dedicated to thier clients. Esperanza and her team stayed committed through our whole process. Thier attitude never changed and thier personality was always pleasent. We will always consider working with Prime Lending again.


I am delighted for the service and unique attention Esperanza provided to me during the process. Esperanza has such a sophisticated way to explain with details and clear understanding of every program and option available for me. As a professional and busy Mom, I needed simplicity and quick respond and I felt confident from beginning to closing. Because my great experience I would choose her again and recommend Esperanza and her team to my friends and family for any mortgage needs. Thank you for making the purchase of my new home a happy journey. Now I really enjoy my cup of coffee every morning in my Home!

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I am really happy to have worked with prime lending. After applying with other lenders with no positive results, prime lending made our dream come true. We found our first home 26 days later we closed on our home. Thank you prime lending for your professionalism and always answering and returning all of our calls and concerns youve made our experience a good one and we would never forget you.

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