Mortgage rates Thoughts and more
And again, if you are not able to get a lower interest rate on your new mortgage loan, the time it would take to cover the cost of the upfront closing costs could be longer than you plan on staying in the home. When applying for mortgage refinancing, you should consider factors such as how much saving you can expect each month, as well as what refinancing will actually cost you. To estimate whether or not it's worth it to refinance, simply multiply your monthly savings by the number of months you plan to stay in you home. After that, deduct the total costs of the various fees that you will incur with the new loan. If the result comes out less than zero, it means that you will actually be losing money with refinancing.