Should you consider refinancing?
Posted: Ashley Cornner-Patel
Lately, the topic of refinancing has come up many times when talking with our clients, given how low interest rates currently are. However, in order to justify the cost of refinancing your mortgage, we typically advise that your new interest rate should be at least 0.5% to 0.75% lower than your current rate, depending on how long you plan to stay in your current home. Additionally, we’ve noticed that rates on jumbo mortgages haven’t fallen near as much as they have on conforming mortgages (loan amounts of $510,400 or less in Texas).
This article by Lauren Bowling at Fox Business outlines the potential benefits of refinancing your mortgage.