Would A Refinance Save Me Money?
April 16, 2010 - 12:47 pm
It really depends on a few factors.
Name, what is your current rate? What’s the going rate? And what is the difference between the two?
So here’s how we find out.
Figure out what your current rate is. This means, what rate did you lock in your present property at?
Secondly, find out what the local market rate is. Click here to see the rates.
Finally, take the difference between the two, and if the going rate is at least two percent less than yours, it could very well be the time to make the change.
This is called the “2 Percent Rule”. We use it for a quick and dirty estimate.
So in the end, yes, a refinance certainly can save you money, but it must meet the rule!