How to Refinance Your House

Financial How To

Most experts would recommend only refinancing if the current rate is at least 1-2% lower than you exisiting mortgage rate. Be sure to divide the cost of refinancing by 12 to see how many months it would take to recoup your refinance cost.


Contact your current lender to see if they have a recent appraisal on hand, this could cut closing costs. Be sure to look into multiple lenders to get the best rate. Tip: try to keep the refinance term about the same as your current mortgage to avoid paying a lower rate but for a really long time.