Should You Refinance in Today's Market?

Refinancing can save you thousands over the life of your loan, but timing is everything.

The 1% Rule

A common guideline: refinancing typically makes sense when you can reduce your rate by at least 0.5-1%. However, this depends on your remaining loan term and closing costs.

Types of Refinance

• Rate-and-Term: Lower your rate or shorten your term
• Cash-Out: Tap into your home equity for renovations or debt consolidation
• Streamline: Simplified process for FHA/VA loans

When NOT to Refinance

• If you plan to move within 2-3 years
• If your credit score has decreased significantly
• If closing costs outweigh your potential savings

AI-Powered Analysis

Our AI calculator can instantly show you whether refinancing makes financial sense for your specific situation. It factors in your current rate, remaining balance, and local market conditions.

Curious about your options? Try our AI calculator.