Could A Refinance Help My Financial Situation?
It depends.
There are a few factors, but they are very easy to solve.
Firstly, we need to know what you rate you currently are setup to have.
Go figure that out and come back.
Then, we need to know what the current going rate is for a refinance. Click here to get that.
Finally, we do a little mathematics.
Subtract the current rate from your rate, and if it’s two percent or more left over, then it could be time to make the switch.
This is the “two percent rule” that we use as a rule of thumb to get a quick and dirty estimate.
So, yes, a refinance could certainly help your financial situation, as it would reduce your monthly payments, which would save you money. But only if it meets the 2 percent rule!