Should I Refinance? Not Sure What To Do VA

If you can drop your rate a point, I'd consider it. What you need to do is figure out how much it's going to lower your monthly payment, then divide that $ amount into the amount of costs involved. This will tell you how many months it will take to re-coup the costs of the refi. If you think you'll be in the home that long, it's probably worth looking at. If not then don't bother.

Well the old wives tale of not refinancing unless you can save a point holds true in this case. What you really need to know is how much in closing costs is it going to cost me to do this. Remember that the rate is an important component of the refinance, however, the amount financed is just as important. If lender A's rate is lower than lender B's rate but lender B charges less fee's to originate the loan even though his rate may be slightly higher lender B could still save you more monthly. If your home is in Utah, New Mexico, or Texas call me at 801-682-LOAN (5626)

Assuming you qualify, the answer is yes, if you plan on living there more than 3 to 5 years. .... You need to determine your break-even point when considering fees. .... Happy funding, Rudi