Marie Ippolito, Indianapolis Realtor, F. C. Tucker

When is the right time to refinance?

The decision on if or when to refinance your mortgage is one that requires careful analysis.  A general rule is to determine the exact cost of refinancing and then determine how many months it would take you to recover this cost.  For example, if it would cost you $1,000 to refinance and your monthly mortgage would be reduced by $100, you'd need to remain in the home for 10 months to recover this cost.  However, your particular circumstances might dictate other criteria for deciding to refinance.

The best course of action is to speak with your financial advisor and/or your mortgage broker to determine if this option is right for you.  Should you choose to refinance, shopping cost is always to your advantage!