Should You Refinance Again?May 10 2012
When rates originally feel just below 5% last year, many borrowers refinanced their mortgages. Then, when rates fell a full percentage lower, the same borrowers who refinanced a year earlier began to refinance again. So how do you know if it's worth refinancing again?
First, you should consider your financial goals. Then you should decide how long you plan to live in your current house. If refinancing will only save you a small amount and you plan on moving out of your home in a few years, you may realize it's not worth the hassle of refinancing. However, if you plan on staying in your home for multiple years, that small amount of savings could be a much larger savings by the time you pay off your loan.