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When does it pay to refinance a mortgage?
Many people erroneously believe that you must reduce your rate by 2% to justify refinancing. A 1% lower rate on a $100,000 mortgage can save you $70 per month. A ½% reduction on a $250,000 loan can save $87.50 per month. Refinancing requires the payment of certain fees to the lender as well as closing costs that are not paid to the lender. Lender fees may include appraisal, credit report, flood certification, processing, and others. Usually, these fees range from $600 - $750, assuming no points and no origination fee. Closing expenses include the cost of your attorney or title agent, title search, title insurance and other fees, and typically range from $1000 to $2000, depending on the loan amount.
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