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When you should not refinance your mortgage. Refinancing isn’t always right for everyone. It may not be the best idea to refinance if: You’ve paid too much already.
For example, if it costs $5,000 in origination fees and closing costs to refinance and you'll save $200 per month, this shows that you'll break even in 25 months.
Now say about 15 years into the loan, you’ve paid $86,551 toward the principal and $257,499 in interest and you want to refinance the remaining $233,449 of your principal balance with a new 15 ...
Trying to buy a house right now might feel overwhelming, but waiting too long can present challenges as well. Review your finances in detail, and think about how much you’re able to pay upfront ...
Since mortgage rates aren't so great right now anyway, you're not missing out on much by waiting until 2025. Refinancing your mortgage could be a huge source of savings for you in the long run.
But if you wait until 2025 to refinance, you might end up with a much better deal. Now you may be thinking, "Why don't I just refinance this fall, and then do it again in the winter or spring?"
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related to: should you refinance right now or waitQuickenLoans.com has been visited by 10K+ users in the past month