Is It Worthwhile Refinancing Your Mortgage Loan?

Before you answer that question you need to ask yourself how much money are you going to save over the long term in comparison to your up-front costs if you refinance your mortgage? If the interest rate on your current mortgage is at least two percentage points higher than the current market rate, you should definitely consider your options and refinance your mortgage loan.

Another question you should ask your self is how long do you plan on staying in your current house? If you plan on leaving with in the next couple of years then it probably won’t be worth the time, effort and money to refinance your mortgage. To make the refinancing worth your time and money you should plan on staying in your house for at least three plus years in order to make up the costs of refinancing payments.