Refinance

SHOULD I REFINANCE:

1. Current Interest Rate
Simply put, if you can get into a lower rate mortgage, a refinance is worth looking into. That said, consider how long it will take you to recoup closing costs.

For example, if you paid $450 to refinance your mortgage to a lower rate and your payment dropped by $150 per month, it will probably take you just THREE MONTHS to break even. Generally, at least a half point to a full point reduction in the interest rate will save you enough money to cancel out the closing costs within a few years.

 

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Regulatory Information: The State of Illinois | Division of Banking located at 100 W Randolph St, Chicago, IL 60601 (312) 814-4500 | NMLS # 266214 Dan Frio NMLS 246527