How much can I save by refinancing?

On $300K loan, dropping 1% saves ~$186/month or $67K over 30 years (minus $3-5K closing costs).

What is refinance break-even point?

Closing costs ÷ Monthly savings. Pay $4K to save $200/month = 20 month break-even.

How much does refinancing cost?

2-5% of loan amount. $300K loan = $6K-$15K in fees (appraisal, origination, title, etc.).

Should I refinance to 15-year?

Good if you can afford higher payments and want lower rates. Bad if it stretches your budget.

When does refinancing NOT make sense?

Selling before break-even, rates dropped <0.75%, bad credit, can't afford closing costs, near retirement.

Can I refinance with bad credit?

Yes but rates higher. FHA allows 580+, conventional requires 620+. Shop multiple lenders.

How often can you refinance?

No legal limit but lenders require 6-12 months between. Frequent refinancing isn't smart due to costs.

How do I calculate refinance savings?

Use Refinance Calculator: Input current loan, new rate, closing costs. Shows monthly savings and break-even.

Loading Should I Refinance? The 5-Minute Test That Saved Me $8,400

Should I Refinance? The 5-Minute Test That Saved Me $8,400

Q: Can I refinance with bad credit?

Yes but rates higher. FHA allows 580+, conventional requires 620+. Shop multiple lenders.

Q: How often can you refinance?

No legal limit but lenders require 6-12 months between. Frequent refinancing isn't smart due to costs.

Q: How do I calculate refinance savings?

Use Refinance Calculator: Input current loan, new rate, closing costs. Shows monthly savings and break-even.

I almost paid $3,200 in refinancing fees for a loan that wouldn't save me money. Here's the 5-minute refinance calculator test that revealed the truth.

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