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When Should You Refinance A House

Not all borrowers benefit from a refi. Learn the pros and cons of a new home loan .

You can refinance immediately after buying-even before you make your first monthly payment. Just be sure that you actually end up with a better deal and that refinancing doesn’t cause you to pay more for your vehicle.

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The refinance decision should compare the three factors of monthly payment savings, the cost to refinance and how long the homeowner plans to stay in the home.With closing costs being anywhere.

Because the house is more valuable, you may be able to refinance for more than the balance of your mortgage, which is $100,000. If you end up refinancing, say, for $120,000, you can now take the $20,000 difference in cash and use it to pay down high-interest debt or for major purchases, home improvements and so on.

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But you should keep in mind that mortgage rates vary from bank to bank. As you discuss refinance options with your current bank, the loan officer might offer a rate just low enough to grab your attention. At this point, you might be happy with any rate that’s lower than what you’re currently paying.

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To get an idea of when it makes sense to refinance your home, we talked to two lending experts: katie miller, senior vice president of savings.

If you aren’t planning to be in your home for at least two years, it’s probably not worth refinancing at all – unless, perhaps, you refinance from a very high rate to a much lower one, or if you trade out-of-pocket closing costs for a higher interest rate that is still lower than your original mortgage rate.

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