Mortgage refinancing and much more
For example, if you are currently paying $1200, your future payments would be $1000, and the refinance would cost $2200 in fees and taxes, you will break even in 11 months. After that, you would start seeing savings from your new mortgage. Will you be in your house long enough to reap the benefit of a new mortgage? If your answer is no, then you should skip the trouble of refinancing and stay with your old mortgage. However, if the answer is yes, then now is the time to refinance. As you can see, deciding when to refinance is a simple matter of doing the numbers.