Is it worth it to refinance? Mortgage broker explains

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Knowing when to refinance comes down to the math. Learn how to calculate if the move actually saves you money.

Many homeowners wonder if lowering their rate is worth the expense. I walk through the specific formula you need to determine if a new loan makes financial sense for your situation, specifically by looking at the relationship between your fees and your potential savings.

The key is understanding mortgage refinance math before you sign anything. By taking your total closing costs and dividing them by your expected monthly mortgage savings, you can see exactly how long it takes to break even. This simple calculation prevents you from making a costly mistake when considering if now is the right time to refinance.

Subscribe for straight-up mortgage and real estate advice, and comment below if you want me to run the numbers on your specific loan scenario.

00:00 – Introduction
01:33 – Reasons to Refinance
02:12 – Chasing a Lower Rate
05:35 – Shortening Your Loan Term
08:01 – Cash-Out Refinance
09:51 – How to Calculate Your Break-Even
11:48 – Common Questions
14:30 – Outro

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