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How do I know if it makes sense to refinance?

The simple way to determine whether refinancing makes sense is to compare the amount it will cost you to refinance (closing costs, for example) against the monthly savings of your reduced payment. Divide the cost of refinancing by the monthly savings to determine how many payments you'll need to make before you've recaptured the initial refinance cost. If you play to stay in your home longer than the recapture time, it may make sense to refinance. To fully analyze whether it's time to refinance, you must look deeper, though. The remaining term of your current loan also must be considered. Try our refinance calculator, or apply online.

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