{"id":1262,"date":"2021-02-24T10:00:39","date_gmt":"2021-02-24T15:00:39","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1262"},"modified":"2024-04-25T23:20:03","modified_gmt":"2024-04-26T03:20:03","slug":"interest-rates-are-low-does-that-make-refinancing-a-good-deal","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/","title":{"rendered":"Interest Rates Are Low. Does That Make Refinancing a Good Deal?"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/low-real-estate-loan-interest-rates.jpg\" alt=\"Image of a person in deep thought looking at a computer. Captioned: Interest Rates Are Low. Does That Make Refinancing a Good Deal?\" class=\"wp-image-1263\" width=\"432\" height=\"288\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/low-real-estate-loan-interest-rates.jpg 576w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/low-real-estate-loan-interest-rates-300x200.jpg 300w\" sizes=\"auto, (max-width: 432px) 100vw, 432px\" \/><\/figure><\/div>\n\n\n\n<p>Today\u2019s low interest rates are exciting, and many homeowners\nare thinking about refinancing their <a href=\"https:\/\/www.deeds.com\/articles\/on-stage-and-behind-the-scenes-in-a-mortgage\/\">mortgage\nloans<\/a>. There\u2019s a sort of FOMO (Fear of Missing Out) in the rush to get\nloans. But for those who already have fairly low, fixed interest rates (say, 5%\nor under), saving money through refinancing can cost more than it\u2019s worth. <\/p>\n\n\n\n<p>The question: Given the costs of refinancing, will a reduced\ninterest rate prove worthwhile? The answer: It all depends. Let\u2019s take a look some\npros and cons of refinancing now.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">No Free Lunch<\/h2>\n\n\n\n<p>Consider the costs. There\u2019s a fee to apply for a new\nmortgage, and there are fees to process the loan. Even those \u201cno-fee\u201d refinance\ndeals have fees, although they are rolled into the loan, so the customer pays\nthem later. Tack on a few hundred dollars for professional services: a property\nassessment, a new title policy based on a new appraisal, notary services&#8230; <\/p>\n\n\n\n<p>In short, refinancing isn\u2019t free.&nbsp;<\/p>\n\n\n\n<p>Once your mortgage broker estimates those total closing costs, the question becomes just how many months it will take to you to recoup them through your interest rate reduction. That\u2019s when savings start \u2014 at the all-important <a href=\"https:\/\/www.federalreserve.gov\/pubs\/refinancings\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">break-even point<\/a>. Divide the closing costs by your monthly interest savings to know roughly how many months it will take to break even. If it will be a long haul until the new loan pays for itself, or if you are in the later stages of your current mortgage, you might decide today isn\u2019t the day to get a new loan. <\/p>\n\n\n\n<p>Moreover, if you refinance, you could lower your rate but reset\nthe timer, and end up paying interest for longer. Long-term savings could be\ninsignificant \u2014 or nonexistent. If so, a better plan might be to keep the\nexisting loan, and pay down the principal faster to save on interest payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Special Circumstances<\/h2>\n\n\n\n<p>Case-specific circumstances can make getting a new loan more\nurgent. Each of these six common situations (or a combination of them) can create\ncompelling circumstances for mortgage refinancing in today\u2019s low-interest\nenvironment:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Scenario 1.<\/strong> The borrower\u2019s current loan\nhas private mortgage insurance tacked on, and refinancing is the best way out\nof that extra payment. This is often the case with FHA loans, as a full\nrefinancing is the only way to shake off PMI, no matter how much equity the owner\nbuilds over time. For further information about PMI, <a href=\"https:\/\/www.deeds.com\/articles\/a-guide-to-private-mortgage-insurance\/\">see\nour guide to Private Mortgage Insurance here<\/a>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Scenario 2.<\/strong> Current rates are low enough\nto effectively <a href=\"https:\/\/www.deeds.com\/articles\/two-properties-one-mortgage\/\">reduce or\nconsolidate a home equity line<\/a>. This may be the perfect time for some\nhomeowners to explore whether it\u2019s possible to&nbsp;consolidate higher-interest\ndebt into a low-interest loan.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Scenario 3.<\/strong> The borrower has to <a href=\"https:\/\/www.deeds.com\/articles\/i-cant-pay-my-mortgage-any-more-whats-next\/\">avert\na mortgage default<\/a>. Refinancing makes sense if obtaining a reduced\nmonthly payment is a plausible, effective way \u2014 although refinancing for lower\npayments typically pushes the payoff date and mortgage release further into the\nfuture.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Scenario 4.<\/strong> The borrower has access to\ngovernment benefits \u2014 for example, by <a href=\"https:\/\/www.deeds.com\/articles\/buying-a-home-with-a-va-loan\/\">refinancing\nthrough the VA<\/a>. Homeowners who have used VA loans to purchase their\nhomes may tap into their remaining entitlements to refinance those homes.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Scenario 5.<\/strong> <a href=\"https:\/\/www.deeds.com\/articles\/how-getting-a-mortgage-with-a-co-borrower-affects-the-deed\/\">A\nco-borrower agreed to be on the title<\/a> to enable the primary borrower\nto buy the house. Now, the primary borrower is ready to refinance the loan, and\ntake on the title as sole owner.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Scenario 6.<\/strong> The borrower works for a firm,\nor is a member of a credit union, which is offering a special members\u2019 rate.\nIt\u2019s often worth calling the local credit union offices and the smaller banks.\nIn some cases, can offer lower costs and more personalized attention than the\nbig banks.<\/li><\/ul>\n\n\n\n<p>Aspiring borrowers can apply with <a href=\"https:\/\/money.com\/best-mortgage-refinance\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">online lenders<\/a>, too, to broaden the selection of loan estimates. Just keep in mind that companies often advertise rates to draw potential customers in, but those teasers could be adjustable rates, or they could include points. And depending on your personal credit profile and current home equity, your rate can differ substantially from publicly advertised quotes. <\/p>\n\n\n\n<p><strong>\u261b<\/strong><strong> <\/strong><strong>The higher your\ncredit score, the better rate you\u2019ll be able to claim for yourself.<\/strong> <strong>If you need to power up your credit profile,\ncheck out our <a href=\"https:\/\/www.deeds.com\/articles\/strengthen-your-position-to-finance-your-home-heres-your-five-point-credit-repair-plan\/\">Five-Point\nPlan for Credit Repair<\/a>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comparing Refinancing Offers <\/h2>\n\n\n\n<p>Each lender will offer a prospective borrower a unique set\nof interest rates, refinancing timelines, and closing costs. How does a\nborrower tap into the information necessary to compare available loans? The key\nis to request written <em>loan estimates<\/em> to make effective comparisons among\nseveral lenders. Obtaining written loan estimates is free.<\/p>\n\n\n\n<p>Yes, lenders do credit checks each time they\u2019re asked to provide a quote. But according to the U.S. Consumer Financial Protection Bureau, you may request as many mortgage quotes as you wish within a 45-day period. Your <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-exactly-happens-when-a-mortgage-lender-checks-my-credit-en-2005\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">credit score will not suffer multiple inquiries<\/a>. This is because the credit companies understand that you are likely to choose only one loan, no matter how many home loan quotes you request. <\/p>\n\n\n\n<p>Your current lender could come through for you when other\nproposals fall short of the mark. Your lender might offer you a discount, a\nreissue, or a loan modification \u2014 all methods of getting better terms with\nfewer papers and fees. And if you get a great quote from another lender, tell\nyour current lender. Lenders like to keep good customers. Sometimes they\u2019re\nwilling to match another proposal to do so.<\/p>\n\n\n\n<p>Other perks your current lender might offer include rolling\nover your current escrow account, and even keeping your amortization schedule\nrather than resetting your length of time to payoff. Your current lender might\nbe able to avoid certain third-party services and fees. Each lender has\ndifferent options beyond simply quoting new rates. It never hurts to find out\nhow yours can work with you. <\/p>\n\n\n\n<p>Finally, when you commit to a loan, expect your interest\nrate to fluctuate between the initial quote to the closing date. Depending on\nthe lender, it may or may not be possible to benefit from substantial drops in\ninterest rates during that window. <\/p>\n\n\n\n<p><strong><em>Fine print:<\/em><\/strong> When refinancing with a current lender, the borrower gives up the <em>right of rescission<\/em> \u2014 an allowance for backing out of the new terms and getting a refund within three days after closing. A refinancing or consolidation by the same creditor, <a href=\"https:\/\/www.consumerfinance.gov\/rules-policy\/regulations\/1026\/23\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">says the law<\/a>, does not allow for the right. Yet the right of rescission is still good for any part of the new amount that \u201cexceeds the unpaid principal balance, any earned unpaid finance charge on the existing debt, and amounts attributed solely to the costs of the refinancing or consolidation.\u201d <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Beyond the Market Buzz<\/h2>\n\n\n\n<p>If you\u2019re like most homeowners, you\u2019re wondering which\nlenders are most likely to offer the fairest and best terms to fit your situation.\nBecause each home and homeowner is unique, the best way to find out is to shop\naround. That doesn\u2019t mean going it alone. You can start with your\ntried-and-true mortgage broker, and ask for options along with professional\nadvice tailored to your finances. Your expert can draw up a mortgage\namortization chart, and tell you if your savings over the course of a given\nloan will substantially offset the costs.<\/p>\n\n\n\n<p>The main thing is to treat a new loan as a product. If you\nbuy it, will you really be better off? <\/p>\n\n\n\n<p>And that brings us to our key takeaway on refinancing. Each\nhomeowner\u2019s situation, not the market and its buzz, is what really matters when\nyou\u2019re deciding whether or not to refinance a mortgage.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">12 C.F.R. \u00a7 226.23(f)(2).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credit: <a href=\"https:\/\/unsplash.com\/photos\/xj8qrWvuOEs\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Bruce Mars<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s low interest rates are exciting, and many homeowners are thinking about refinancing their mortgage loans. There\u2019s a sort of FOMO (Fear of Missing Out) in the rush to get loans. But for those who already have fairly low, fixed interest rates (say, 5% or under), saving money through refinancing can cost more than it\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1262","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interest Rates Are Low. Does That Make Refinancing a Good Deal? - Deeds.com<\/title>\n<meta name=\"description\" content=\"The question: Given the costs of refinancing, will a reduced interest rate prove worthwhile? The answer: It all depends. 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Does That Make Refinancing a Good Deal? - Deeds.com","description":"The question: Given the costs of refinancing, will a reduced interest rate prove worthwhile? The answer: It all depends. Let\u2019s take a look some pros and cons of refinancing now.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/","og_locale":"en_US","og_type":"article","og_title":"Interest Rates Are Low. Does That Make Refinancing a Good Deal? - Deeds.com","og_description":"The question: Given the costs of refinancing, will a reduced interest rate prove worthwhile? The answer: It all depends. 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Does That Make Refinancing a Good Deal?","datePublished":"2021-02-24T15:00:39+00:00","dateModified":"2024-04-26T03:20:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/"},"wordCount":1285,"publisher":{"@id":"https:\/\/www.deeds.com\/articles\/#organization"},"image":{"@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/#primaryimage"},"thumbnailUrl":"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/low-real-estate-loan-interest-rates.jpg","articleSection":["General"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/","url":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/","name":"Interest Rates Are Low. Does That Make Refinancing a Good Deal? - Deeds.com","isPartOf":{"@id":"https:\/\/www.deeds.com\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/#primaryimage"},"image":{"@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/#primaryimage"},"thumbnailUrl":"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/low-real-estate-loan-interest-rates.jpg","datePublished":"2021-02-24T15:00:39+00:00","dateModified":"2024-04-26T03:20:03+00:00","description":"The question: Given the costs of refinancing, will a reduced interest rate prove worthwhile? The answer: It all depends. Let\u2019s take a look some pros and cons of refinancing now.","breadcrumb":{"@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/#primaryimage","url":"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/low-real-estate-loan-interest-rates.jpg","contentUrl":"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/02\/low-real-estate-loan-interest-rates.jpg","width":576,"height":384},{"@type":"BreadcrumbList","@id":"https:\/\/www.deeds.com\/articles\/interest-rates-are-low-does-that-make-refinancing-a-good-deal\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.deeds.com\/articles\/"},{"@type":"ListItem","position":2,"name":"Interest Rates Are Low. 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