You would think that most homeowners who could benefit from a mortgage refinance would have already done so, considering that mortgage rates have been close to historic lows for over a year. Evidently, some people didn't think it would save them enough money, and they may be right.
Those who have larger mortgage amounts have the best chance of saving money by refinancing. For example, reducing the mortgage rate by one half percent on a loan amount of $400,000 could save more than $100 per month on a thirty year fixed rate loan.
Of course, you have to take into consideration the cost of refinancing the mortgage. If it costs $4,000 to refinance, it would take about four years to break even before you really start saving any money. So, if you are only going to keep a home for a few years, it may not be worthwhile to refinance, unless you are able to get a zero cost loan with a lower monthly payment.
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