When does refinancing make sense?

Refinancing makes sense when: (1) your new rate is at least 0.75–1% lower than your current rate, (2) you plan to stay in the home past the break-even point (typically 2–4 years), and (3) closing costs don't wipe out savings. Rule of thumb: refinance if break-even < 36 months and you'll stay 5+ years.

What closing costs does refinancing involve?

Typical refinance closing costs are 2–5% of the loan amount ($4,000–$10,000 on a $200K loan). Main costs: loan origination fee (0.5–1%), appraisal ($400–700), title insurance ($500–1,500), recording fees ($50–200), prepaid interest and escrow. No-closing-cost refis roll costs into a higher rate.

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