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08-10-2011, 03:13 PM
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When should one refinance a home mortgage?
We bought a house in April of 2009 and got a fixed 30 year mortgage at 4.75%The house has dropped in price, yes, I'm so shocked!
 Anyway, we've been seeing mortgages for 4.30% now. I believe we have close to 300K left to pay the house off and yes, we'll be here for a long time.Does it make sence to refinance? is there a rule of thumb to know when to do it? I've heard that you should not do it to save 1%. Any folks have any suggestions? Have you done it yourselves ?Thanks    |
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