Refinance rates and exploring the topic
This difference between interest rates is large enough that it is likely to make up for what you will need to pay in refinancing fees. However, your own situation may not fit the formula. If you plan to stay in the house only a little while longer, you may not hold the mortgage long enough to see a savings from the lower interest rate, no matter how much lower the new rate is. Lowering your monthly payment is another reason to refinance mortgage loans. If you are strapped for cash, being able to put less of your earnings into your mortgage can significantly ease your budget.