Home Refinancing Tips & Advice

Video Transcript

"This is Patrick Munro, financial adviser, asking the question, "Does it pay for me to refinance my mortgage at my house?" That's a question that an individual should ask. And the answer is always clear. It does pay you to do a refinance if the rate has come down sufficiently to allow you enough room in your mortgage payment to justify the cost of refinancing, which involve extra title work, extra closing costs, and things of that nature. Working with your financial adviser and your bank or your mortgage company can best achieve this goal for you. But the rate has to come down sufficiently enough, usually by a point to a point and a half, to allow you to refinance your mortgage. This is Patrick Munro, financial adviser, answering the question, "Does it pay for me to refinance my mortgage?""