simple guide from financial experts, you should not refinance your house unless the market rates are approximately two percent below your original mortgage lock in rate. But, there are many re-financiers take advantage of one and a half or even one and a quarter percent differences in the refinancing rate. It may be worth if the principal of your loan is high, relative to the costs of refinancing.
Let consider some of the scenarios in which it's wise to refinance your house:
Scenario 1: You current mortgage loan rate is high in relative to market rates
If you are currently holding a mortgage loan which has interest rate significantly higher than the rates offer in the market. And after calculating all the refinance cost and you are seeing a "Saving" in loan repayment. Then, refinancing your house would be your wise decision.
Scenario 2: Refinance from adjustable rate mortgage to a fixed mortgage
You currently hold on adjustable rate mortgage and you have recently discovered that your long term income prospects aren't looking as rosy as they once were. And the mortgage interest rate has very high chances...
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