
Watch Eric Newman’s commentary on what is happening in the mortgage industry with interest rates for home loans. Rates at 2011 lows right now. Apply online at www.GoNorthwestLoans.com, or call 503.698.5801
Video Rating: 5 / 5
Question by deucedown: When does it make sense to refinance home given our situation?
I was just wondering if it made sense to refinance our 30 year fixed 6.25 home loan. We have owned our home for 3 years and 5 months. What does the interest rate have to fall to in order for it to financially benefit us to refinance?? Any help appreciated.
Best answer:
Answer by Mr_Blue
I would compare your current monthly payment to a loan under current rates. The other thing to consider is potential closing costs on new loan. The other thing to consider is whether you intend to stay in your home for a while – like five years or more – especially if you have to pay closing costs.
Below is a link to a refinance mortgage calculator.
What do you think? Answer below!

