A refinance is not about an arbitrary rate drop. Learn how loan size, costs, monthly savings, and break-even time determine whether it makes sense.
Who you use for a mortgage loan matters. Let’s walk through a very real scenario that happens all the time when someone is considering refinancing their home. Imagine you currently have a 6.25% conventional mortgage. You’re looking at refinancing because you see interest rates drifting lower. You call a lender and they quote you 5.25%.…