When Is It Time To Refinance?

Hearing reports of low mortgage rates in the news can make you stop to wonder if it makes sense to refinance your mortgage. The best thing to do is to run the numbers. Check out this Refinance Break-even Calculator from ForTheBestRate.com. By entering data such as your current interest rate, loan balance, and the currently available mortgage rates and closing costs you can see how many months at your new mortgage payment it would take to come out ahead. If it would take several years to break even and you are considering selling the home in a year or two, it probably makes sense to stick with your current loan. If it will only take a few months to start seeing savings and you are in this property for the long haul than you will almost certainly want to apply for a refinance mortgage.

Check out the great refinance rates currently advertised on ForTheBestRate.com to get started.