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If you gather ’round the water cooler long enough, you’ll hear a lot about two things: sex and mortgages. Everyone talks about who they’re dating and when they’re going to refinance. For either.
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Rates, loan types and terms all have different impacts. One refinancing rule of thumb involves the break-even point. This is the point in time at which your savings in reduced mortgage payments pays.
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The 2% refinance rule of thumb says that it pays to refinance if the rate of interest on refinancing loan is 2% lower than the rate of interest on your existing mortgage loan. Low rate on the new loan implies than you will be able to recover the costs of the new loan. In other words, you will be able to break even the costs of the new loan.
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The typical rule of thumb is that, if you can reduce your current interest rate by 1% or more, it might make sense to refinance because of the money you’ll save. Refinancing to a lower interest.
Here’s a general rule-of-thumb that applies to most refi situations. If you can lower your interest rate and mortgage payments by refinancing, and you’ll stay in the home long enough to recover the closing costs on the new loan, then it might make sense for you to refinance.
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The traditional rule of thumb is that it makes financial sense to refinance if the new rate is 2 percent or more below your existing interest rate. The new rate on a refinance must provide enough.
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The rule of thumb says refinancing refinancing home loan will sense if your interest rate is reduced by at least 2 percent. Another rule of thumb on when to refinance claims that you should break even. If the money you save in future interest costs equals the money you spend in closing costs, then refinancing makes sense. In truth, you should.