GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
Is it a good idea to refinance your mortgage when interest rates drop?
Two financial advisors suggest you consider these factors before making a decision.
Lets look at an example as reported byCBS.
Youll want to gather all relevant numbers since some lenders may share only the monthly savings with you.
However, going through the paperwork may not make sense if youre likely moving in the next few years.
A strong credit score and stable financial situation may qualify you for the best interest rates and terms.
Youll want to ensure that you have the proper paperwork and that your financials have improved before you proceed.
Consider your long-term financial goals and how refinancing fits into your overall financial strategy.
These costs can typically range from 2% to 5% of the loan amount.
More From GOBankingRates
Share This Article:
The Latest inHome Loans
