When Should You Refinance?

Rates are low low low — so when should you consider refinancing your mortgage? Here are a few signs it may be a good idea to shop around:⁣
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You think you can lower your rate by ½ to ¾ percentage points or more.⁣
You’d like to do some major home renovations but you need your home equity to do so.⁣
You want to shorten your mortgage term (to pay your home off faster) or extend it out (to lower your monthly payment).⁣
You love your house, your neighborhood, and your kid’s school — and you’ve got no plans to move.⁣
Your job is secure (so far as you can tell), and you’re not looking to change jobs.⁣
You’ve looked at your estimated closing costs and calculated the break-even point (where your savings from a lower interest rate exceed your closing costs). Everything looks A-OK!⁣