Gianni Cerretani (mortgagegodfather) #33 ranked lender in Georgia – 238 contributions The 2% rule is that most of the time when you are refinancing for it to be financially worth it, the general rule of thumb is that you want to see a decrease in your current interes rate of 2%.
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"At one time, the general rule of thumb was that it paid to refinance only when the current rate is two percentage points lower than what you are currently paying," but that’s not the case anymore,
Then, the rule of thumb changed to "Refinance if you can save money within 6 months of refinancing" (many folks were able to save starting the month following the closing). These days, banks are.
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The traditional rule of thumb (which you should use with sparingly) for figuring out when to refinance is a basic breakeven analysis. This process allows you to figure out how long it will take to recuperate the closing costs you’ll have to pay to refinance.
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Another common refinance rule of thumb says only to refinance if you plan to live in your home for "X" amount of years, or only to refinance if you’ll save "X" dollars each month. Again, as seen in our example above, you can’t just rely on a blanket rule to determine if refinancing is a
When Does It Make Sense to Refinance a Mortgage? Here’s a general rule-of-thumb that applies to most refi situations. If you can lower your interest rate and mortgage payments by refinancing, and you’ll stay in the home long enough to recover the closing costs on the new loan, then it might make sense for you to refinance.
The general rule of thumb is you need at least 20 percent equity to refinance — or a loan-to-value ratio of 80 percent. It’s important to get a decent idea of your home’s value and calculate.
One rule of thumb is that refinancing can be worth it if there’s a difference of at least one percentage point between your current mortgage rate and the new rate you can get. As an example, the.