{"id":44860,"date":"2020-11-11T13:04:56","date_gmt":"2020-11-11T21:04:56","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=44860"},"modified":"2022-05-12T07:27:58","modified_gmt":"2022-05-12T14:27:58","slug":"when-to-refinance-a-mortgage-is-now-a-good-time","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/when-to-refinance-mortgage\/","title":{"rendered":"When to Refinance a Mortgage: Is Now a Good Time?"},"content":{"rendered":"<p>Once mortgage rates start dropping, homeowners are often tempted to refinance their home loans.<\/p>\n<p>Refinancing replaces your current mortgage with a new loan and new terms. With rates at historic lows, millions of homeowners have already made this move \u2014 and another 18 million could potentially save money from a refinance, according to mortgage data firm <a href=\"https:\/\/investor.blackknightinc.com\/investors\/press-releases\/press-release-details\/2020\/Black-Knight-Surge-in-Refinance-Lending-Driven-by-Record-Low-Rates-Leads-to-Largest-Quarterly-Volume-on-Record-Just-18-of-All-Refinancing-Borrowers-Retained-by-Servicers\/default.aspx\">Black Knight<\/a>.<\/p>\n<p>But it\u2019s not the right choice for everyone, even if you qualify for a lower interest rate. You\u2019ll also want to consider how long you\u2019ll be in the home and how long it takes to recoup expenses.<\/p>\n<p><b>Here\u2019s how to tell whether now is a good time to refinance your home:<\/b><\/p>\n<ul>\n<li><a href=\"#is-now-a-good-time-to-refi\">Is now a good time to refinance?<\/a><\/li>\n<li><a href=\"#how-much-cost-to-refi\">How much does it cost to refinance?<\/a><\/li>\n<li><a href=\"#how-long-take-to-refi\">How long does it take to refinance?<\/a><\/li>\n<li><a href=\"#why-should-you-refi\">Why should you refinance?<\/a><\/li>\n<\/ul>\n<p><a name=\"is-now-a-good-time-to-refi\"><\/a><\/p>\n<h2>Is now a good time to refinance?<\/h2>\n<p>Generally, a <a href=\"https:\/\/www.credible.com\/mortgage-refinance\">mortgage refinance<\/a> is a good idea if it will save you money. Mortgage experts say you should <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-refinance-your-mortgage\/\">consider this move<\/a> if you can lower your interest rate by at least 0.75%.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>For example:<\/b> Let\u2019s say you have a 30-year, $300,000 loan with a 4% fixed mortgage rate and a monthly payment of $1,567. Refinancing to a new 30-year loan with a 3.25% interest rate can lower your payment by $134, which adds up to $48,240 over the life of the loan.<\/div><\/div>\n<p>And if you\u2019ve paid off some of your principal since taking out the original mortgage, your new loan will be based on a lower balance. That can further lower your monthly payment and save you more money.<\/p>\n<p>We have a <a href=\"https:\/\/www.credible.com\/mortgage\/calculator\/mortgage-refinance-calculator\">calculator<\/a> that can help you decide if you should refinance.<\/p>\n<p><b><i>Learn More: <\/i><\/b><\/p>\n<ul>\n<li><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\"><b><i>How to Get the Best Mortgage Rates<\/i><\/b><\/a><\/li>\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-soon-to-refinance\/\">How Soon You Can Refinance: Typical Waiting Periods By Home Loan<\/a><\/strong><\/em><\/li>\n<\/ul>\n<div id=\"mortgage-refi-calculator\">\n  Loading widget - mortgage-refi-calculator\n<\/div>\n\n<p>Credible can help you with your next mortgage refinance. With Credible you can compare prequalified rates from all of our partner lenders in just a few minutes.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Find out if refinancing is right for you<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li><strong>Actual rates from multiple lenders<\/strong> &#8211; In 3 minutes, get actual prequalified rates without impacting your credit score.<\/li>\n<li><strong>Smart technology<\/strong> &#8211; We streamline the questions you need to answer and automate the document upload process.<\/li>\n<li><strong>End-to-end experience<\/strong> &#8211; Complete the entire origination process from rate comparison up to closing, all on Credible.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage-refinance\">Find My Refi Rate<\/a><br \/>\n<small>Checking rates will not affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<p><a name=\"how-much-cost-to-refi\"><\/a><\/p>\n<h2>How much does it cost to refinance?<\/h2>\n<p>Even if you qualify for a lower interest rate, you\u2019ll need to consider the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/the-cost-of-refinancing-your-home\/\">costs of refinancing your mortgage<\/a> to determine if it\u2019s worth it.<\/p>\n<p>Closing costs typically amount to 2% to 5% of the principal amount of the loan. So if you borrow $300,000 and closing costs are 2%, then you would owe $6,000 at closing.<\/p>\n<p>Other factors, such as where you live, influence the price tag. Here are some of the common costs that come with refinancing:<\/p>\n\n<table id=\"tablepress-293\" class=\"tablepress tablepress-id-293 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Fee<\/strong><\/th><th class=\"column-2\"><strong>Estimated cost<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Loan origination fee<\/strong><\/td><td class=\"column-2\">0.5% to 1.5% of the loan amount<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Appraisal fee<\/strong><\/td><td class=\"column-2\">$300 to $500<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Title insurance fee<\/strong><\/td><td class=\"column-2\">$1,000<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><strong>Credit report fee<\/strong><\/td><td class=\"column-2\">$30 to $50<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><strong>Prepaid interest charges<\/strong><\/td><td class=\"column-2\">Depends on your interest rate and when your loan closes<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><strong>Recording fee<\/strong><\/td><td class=\"column-2\">Varies<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><strong>Mortgage points<\/strong><\/td><td class=\"column-2\">Depends on how many points you pay for <br \/>\n<small>(1% of your mortgage loan amount equals 1 point)<\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p>Some lenders may offer you a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/no-closing-cost-refinance\/\">no-cost refinance<\/a>, which means you won\u2019t pay closing costs upfront. But they\u2019ll make up for this by either wrapping the closing costs into the mortgage principal or increasing your interest rate. You might still come out ahead, but compare the interest costs on your original loan and the new loan to be sure.<\/p>\n<h3>How to know when you\u2019ll break even<\/h3>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\">To figure out how long it will take to recoup your refinance expenses, divide the amount of your closing costs by the amount you save each month. This is called the \u201cbreak-even point\u201d of a mortgage refinance.<\/div><\/div>\n<p>For instance, it would take about 35 months to break even on $5,000 in closing costs if your monthly payment drops by $143. But if you sell the house before the break even point, you\u2019ll lose money in the deal. If you know you\u2019ll move soon, then refinancing might not be worth it.<br \/>\n<a name=\"how-long-take-to-refi\"><\/a><\/p>\n<h2>How long does it take to refinance?<\/h2>\n<p>A mortgage refinance typically takes 30 to 45 days to complete, but it may take longer if your lender is dealing with high loan demand or something else slows down the deal. One way to prevent losing out on a good mortgage rate is to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate-lock\/\">lock in your rate<\/a> for a given period, around 30 to 60 days.<\/p>\n<p>Refinancing through Credible will streamline the application process so you can save time and potentially get to the closing table faster. Use the form below to get started.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Find out if refinancing is right for you<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li><strong>Actual rates from multiple lenders<\/strong> &#8211; In 3 minutes, get actual prequalified rates without impacting your credit score.<\/li>\n<li><strong>Smart technology<\/strong> &#8211; We streamline the questions you need to answer and automate the document upload process.<\/li>\n<li><strong>End-to-end experience<\/strong> &#8211; Complete the entire origination process from rate comparison up to closing, all on Credible.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage-refinance\">Find My Refi Rate<\/a><br \/>\n<small>Checking rates will not affect your credit<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n<p><a name=\"why-should-you-refi\"><\/a><\/p>\n<h2>Why should you refinance?<\/h2>\n<p>By refinancing, you may be able to lower your monthly mortgage payments, save on interest, get a shorter loan term or take out cash \u2014 but you generally can\u2019t do it all at once. You\u2019ll need to figure out your main goals before applying.<\/p>\n<h3>To save on interest<\/h3>\n<p>If you <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/best-refinance-rates\/\">qualify for a lower interest rate<\/a>, you can save on interest costs while also lowering your monthly payment. To see if you come out ahead, figure the interest costs on your current loan and the new mortgage.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>For example: <\/b>Say you took out a 30-year, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/300000-mortgage\/\">$300,000 mortgage<\/a> with a fixed interest rate of 4% and a 20% down payment. If you paid down the loan over 30 years, interest would add up to $172,753. But one year into the loan, you swap out your mortgage for a new 30-year loan with a 3% interest rate.<\/p>\n<p>In this example, a refinance lowers your monthly payments by $151 and saves you $41,132 in interest over the life of the loan.<\/div><\/div>\n<p><em><strong>Find Out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/worth-refinancing-for-half-percent\/\">Is It Worth Refinancing a Mortgage for 0.5% Off?<\/a><\/strong><\/em><\/p>\n<h3>To pay off your loan sooner<\/h3>\n<p>If getting out of debt ASAP is important to you, then refinancing into a shorter-term loan can help. While your monthly payments will likely climb because you\u2019re paying off debt within a shorter time frame, you could save a lot on interest costs.<\/p>\n<p>Take a look at the original mortgage from the example above. If you refinance from a 30-year loan with a 4% rate <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/refinance-to-15-year-mortgage\/\">into a 15-year mortgage<\/a> with a 3% rate, you\u2019ll take on a higher monthly payment, but you\u2019ll also pay off your mortgage 14 years sooner. In the process, you save $105,911 in interest compared to your original loan.<\/p>\n<p><em><strong>Read More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/best-refinance-companies\/\">4 of the Best Mortgage Refinance Companies<\/a><\/strong><\/em><\/p>\n<h3>To change to a different loan type<\/h3>\n<p>Homeowners can also refinance from an <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/adjustable-rate-mortgage\/\">adjustable-rate mortgage<\/a> (ARM) to a fixed-rate loan \u2014 or vice versa.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>What you should know:<\/b> ARMs start with a low interest rate for a specified period of time; then, the rate can go up or down for the remainder of the loan term. That may result in a higher interest rate, which drives up your monthly payments. By refinancing to a fixed-rate loan, you don\u2019t have to worry about future interest rate hikes.<\/p>\n<p>Conversely, shifting from a fixed-rate loan to an ARM can be a good financial strategy if interest rates are falling and you don\u2019t plan to stay in your home for long.<\/div><\/div>\n<div id=\"credible-rate-table\"><\/div>\n<p><script>\n      window.credibleAsyncInit = function() {\n        CredibleSDK.initWidget('#credible-rate-table', {\n               environment: 'production',\n  \t    product: {\n  \t       marketplace: 'mortgage-combined',\n  \t       type: 'rate-table',\n  \t       variation: 'shortened',\n               loantype: 'refinance',\n  \t    },\n          analytics: {\n             source: 'credible_blog',\n          },\n  \t    });\n        CredibleSDK.initWidget('#mortgage-combined-rate-widget-simple', {\n               environment: 'production',\n  \t    product: {\n  \t       marketplace: 'mortgage-combined',\n  \t       type: 'rate-widget',\n  \t       variation: 'simple',\n  \t    },\n          analytics: {\n             source: 'credible_blog',\n          },\n  \t    });\n      };\n<\/script> <script async defer src=\"https:\/\/sdk.credible.com\/sdk.js\"><\/script><\/p>\n<p><em><strong>Learn more: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/5-1-arm\/\">5\/1 ARM: Your Guide to 5-Year Adjustable-Rate Mortgages<\/a><\/strong><\/em><\/p>\n<h3>To tap into home equity<\/h3>\n<p>Tapping into your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/what-is-home-equity\/\">home equity<\/a> through a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cash-out-refinancing\/\">cash-out refinance<\/a> is another reason to refinance. This involves getting a new mortgage for more than your current balance and pocketing the difference.<\/p>\n<p>You\u2019ll pay off a larger mortgage balance, but you can put the excess money toward higher-interest debt or home renovations.<\/p>\n<p>If you\u2019re considering a cash-out refinance, be sure to consider as many lenders as possible. Credible makes finding the best deal easy \u2014 you can compare multiple lenders and see prequalified rates in as little as three minutes.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><span style=\"font-size: x-large;\"><strong>Get the cash you need and the rate you deserve<\/strong><\/span><\/p>\n<ul class=\"list--iconArrow accent--isGreen\">\n<li>Compare lenders<\/li>\n<li>Get cash out to pay off high-interest debt<\/li>\n<li>Prequalify in just 3 minutes<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage-refinance\/signup\">Find My Loan<\/a><br \/>\n<small>No annoying calls or emails from lenders!<\/small><\/p>\n<p><!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Once mortgage rates start dropping, homeowners are often tempted to refinance their home loans. Refinancing replaces your current mortgage with a new loan and new terms. With rates at historic lows, millions of homeowners have&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/when-to-refinance-mortgage\/\">Continue reading<\/a><\/p>\n","protected":false},"author":105,"featured_media":36952,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1570,1463],"tags":[1521,1525,1464,1518],"class_list":{"0":"post-44860","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-mortgage-refinance","8":"category-mortgages","9":"tag-mortgage-rates-sidebar","10":"tag-mortgage-refinance","11":"tag-no-sidebar","12":"tag-rm-basics","13":"when-to-refinance-a-mortgage-is-now-a-good-time","14":"post_tag-mortgage-rates-sidebar","15":"post_tag-mortgage-refinance","18":"post_tag-no-sidebar","19":"post_tag-rm-basics"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>When to Refinance a Mortgage: Is Now a Good Time?<\/title>\n<meta name=\"description\" content=\"Getting a mortgage with a lower interest rate is a popular reason to refinance. 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