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refinance rules of thumb

Whenever interest rates fall, many homeowners wonder, should I refinance my home? Taking advantage of lower interest rates is a favorite reason for refinancing, but there are many other reasons you may want to refinance your mortgage.

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Refinancing: 2% rule of thumb. On large loans, that could be a rate drop of .50%. Usually the break even point on costs is a drop in monthly payment of about $125. If your payment is dropping $150 a month, you are probably breaking even in 24 months or less. Today is Nov 25 and rates dropped dramatically today.

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The rule of thumb is if there isn’t an absolute need for it. You can talk to the banks or do online research – there may be other types of loans with better terms. Or perhaps a debt consolidation.

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 only pursue a refi when you exceed the break-even point. And you need to factor in a lot of the variables to determine this point.

Of course, there isn’t a single refinance rule of thumb. One popular one is that you should only refinance if your new interest rate will be two percentage points lower than your current mortgage rate. Only Refinance If the New Mortgage Rate is 2% Lower For example, if your current mortgage rate is 6%, that rule would tell you refinance only if you could snag a rate of 4% or lower.

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The general rule of thumb is you need at least 20 percent equity to refinance — or a loan-to-value ratio of 80 percent. It’s important to get a decent idea of your home’s value and calculate.

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