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Summary: Refinancing is a good idea when an interest rate drops more than a point and a half. Better understand what refinancing is and the terminology to go along with it through tips and advice from an experienced financial adviser in this free video.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
"This is financial adviser Patrick Munro asking the question. When should I refinance my mortgage? Whenever an individual sees interest rates drop. Are more than a point and a half in the overall situation it will be worth while for you to go through the refinancing process. Refinancing involves extra fees, closing costs and things of that nature. So it's important not to refinance until there's a great opportunity for you to significantly save on your payment. It's a judgment that you have to make. Many times you can buy your interest rate down to make it a little bit better for you as well but mortgage interest rates are constantly changing but it's important for you to achieve the best rate. That you can and lock it in for the longest period of time. That you can to avoid the possibility of having to refinance. This is Patrick Munro discussing about when to refinance the mortgage rates."
eHow Article: When to Refinance