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  • When should i consider refinancing

    • The truth about refinancing your mortgage...

    Pros and cons of refinancing your home

    Rule of Thumb: When Should You Refinance Your Mortgage?

    Homeowners are often encouraged to refinance their mortgages when interest rates are low. In fact, many mortgage-based commercials recommend refinancing to save money by taking advantage of historically low rates.

    The rule of thumb is that it’s best to refinance when interest rates are at least 1% lower than your current rate.

    But that’s not the only factor you should consider. We’ll cover the pros and cons of the 1% rule of thumb for refinancing, provide several examples, and explain another mortgage rule of thumb to help you weigh your options.

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    • Key Takeaways

    • The 1% rule of thumb for refinancing is only a general guideline.
    • The greater the rate decrease, the greater the potential savings.
    • Refinancing when the rate difference is less than 1% can sometimes be a good option.
    • Interest rates aren’t the only reason to refinance.
    • The break-even point is as important as the rate.

    How Does the Refinancing Rule of Thumb Work?

    The 1% refinancing rule of thumb says that you should consider refinancing your home w

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