Refinance home loan insights
* Calculate the break even point. That is the point in time at which your savings from the lower interest rate will equal the fees you paid to refinance your mortgage. * When do you plan to resell the property? If the break even point falls before the date on which you plan to sell the house, then you will save money, and refinancing is a good idea. However, you will lose money if the break even point falls after the date when you plan to resell, so you should not refinance. Mortgage fees are nothing to laugh at, coming to at least $2,000 to $3,000 for an average refinance.