When to Refinance a Mortgage

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Divide your total closing costs by the amount you'll save on your payment each month to find out how long you'll need to remain in the home.</p>"},{"question":"When is the best time to refinance your home?","answer":"<p class=\"faq-answer\">It may be best to wait to refinance until average mortgage rates are at least a full percentage point below the rate you're currently paying. But there's no one-size-fits-all answer, and it could make sense to refinance sooner than this. </p>"},{"question":"Can I refinance with a poor credit score?","answer":"<p class=\"faq-answer\">Refinancing with a poor credit score could result in a higher rate, defeating the purpose of refinancing. 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Yale","sameAs":"https://www.businessinsider.com/author/aly-yale"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"When to Refinance a Mortgage","alternativeHeadline":"When to Refinance a Mortgage","image":{"@type":"ImageObject","url":"https://i.insider.com/5f86130791aa9e001880b721?width=1200&format=jpeg","width":1200,"height":900,"caption":"When you refinance, be sure to consider how long it will take for you to break even."},"name":"When to Refinance a Mortgage","datePublished":"2024-11-26T21:30:14Z","dateModified":"2024-11-26T21:30:14Z","description":"Learn when the right time to refinance your mortgage is based on current market conditions, your financial situation, and average refinancing costs.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.The mortgage refinancing process can be laborious and expensive — but if the conditions are right, it can be worth it in the long run. Before jumping in, you want to make sure you're refinancing for the right reasons.There are many different reasons homeowners refinance their mortgages, from wanting to lower their monthly payments to taking equity out to finance a high-cost home repair. Here's what borrowers should know about how the mortgage refinance process works and when you might want to consider refinancing your mortgage. The answer to this question usually depends on current mortgage market conditions. Generally speaking, now isn't an ideal time for most borrowers to refinance, because rates are still higher than what most borrowers are paying.Borrowers with rates that are higher than current mortgage refinance rates may benefit from refinancing now.If you're in need of cash to reinvest in your home or consolidate high-interest debt, a cash-out refinance could make sense, since homeowners have gained a lot of equity over the past couple of years thanks to rapidly increasing home values.But be sure to consider the big picture — if you're taking on a larger monthly payment or a higher rate, you might be better served seeing what kind of offers you can get from some of the best HELOC lenders.The process of mortgage refinancing involves replacing your current mortgage with a new one. The new mortgage may have a different rate or term length than your previous mortgage. It may even be a completely different type of mortgage.To refinance your mortgage, you'll go through essentially the same process you went through when you got your original mortgage to purchase your home. This means you'll work with a mortgage lender to apply and get approved for a loan.Mortgage refinance applications increase whenever mortgage rates start heading down. This is because your mortgage rate directly impacts your monthly mortgage payment. If you can snag a lower rate, your payment could go down significantly, giving you space in your monthly budget for other needs or wants. Keep an eye on average mortgage rates to see if refinancing into a lower rate is possible for you.If your credit score is significantly better now than it was when you originally got your mortgage, you might be able to get a better mortgage rate if current rates are similar to or lower than the rate you're paying.But if rates are higher now than when you got your current mortgage, even an excellent credit score likely won't be enough to help you get a lower rate. Refinancing to switch the type of mortgage you have isn't always a good idea, but there are a few scenarios where it can make sense.Maybe your initial mortgage was an adjustable-rate mortgage, which keeps your rate the same for the first few years, then changes it periodically.If your ARM's intro period is almost up and your rate will soon adjust to a higher rate, it could be a smart move to refinance into a fixed-rate mortgage, so you don't have to worry about your monthly payment increasing. You might also consider refinancing to a conventional mortgage if you have a decent amount of equity in your home and want to get rid of FHA mortgage insurance.If your home has gained value since you bought it, you might be considering a cash-out refinance. With this type of refinance, you take out a loan larger than the amount you still owe, and you receive a portion of your home's gained value in cash.Your credit score and debt-to-income ratio play a big part in what interest rate you get. A higher credit score and lower DTI ratio typically result in a better rate. If your credit isn't in the best shape, you could end up with worse terms than what you have on your current mortgage.Average refinance closing costs vary depending on where you're located, your mortgage lender, and the type of loan you're getting, but generally you can expect to pay at least a couple thousand dollars. You can lower your monthly payment by refinancing into a lower rate or a longer term. When rates are lower, refinancing can be a great way to lower your monthly housing costs. You may also be able to lower your monthly payment by refinancing into a longer term. For example, if you have 20 years left on your current mortgage and you refinance into a 30-year loan, your monthly payment should go down. Keep in mind, though, that refinancing into a longer term will overall cost a lot more in interest. But if you're struggling to keep up with your current payment amount, this can be a good strategy to help you avoid foreclosure. Do you want to pay off your mortgage early and save on interest? Refinancing into a shorter-term mortgage could be a good way to do it.Maybe you have 25 years left on your mortgage, but you want to do a 15-year mortgage refinance. Doing so will shave 10 years off your mortgage. You'll pay a lot less on the loan overall because you'll be paying interest for a shorter amount of time. If you can get a lower rate, you'll save even more.The money you get from a cash-out refinance can be used however you like. Some common ways borrowers use these funds are to consolidate high-interest debt or to put money back into the home by completing home renovations or repairs.FHA loan borrowers are typically required to pay for mortgage insurance for the life of the loan. But if you have at least 20% equity in your home, you can refinance into a conventional loan with no mortgage insurance, potentially lowering your monthly payment. Conventional loans only require private mortgage insurance until you reach 20% equity. Once you reach this point, you can ask your lender to cancel it. Otherwise, the lender will typically cancel it automatically when you reach 22% equity.Getting rid of mortgage insurance by itself might not be the best reason to refinance, because you could pay more in fees and interest than you would save on your monthly payments.How can refinancing your mortgage save you money? Let's take a look at an example.Say you bought your house five years ago with a $300,000 30-year fixed-rate mortgage. Your rate is 5% and you pay $1,610 each month. Currently, you still owe $260,000 on your mortgage, and you're considering refinancing into a new 30-year loan at a 4% rate. Is it worth it?If you continued with your current mortgage for the remaining 25 years, you'd ultimately pay $279,767 in interest.If you refinance into a 30-year mortgage with a 4% rate, your new mortgage payment would be $1,241, putting nearly $370 back into your monthly budget. You'd also end up saving on interest over the long term, paying $186,860 over the life of the loan.This means refinancing would save you almost $370 each month, as well as $92,907 in interest over the life of the loan.Keep in mind, though, that you'll also pay closing costs on this new loan. Paying closing costs means it will take some time for you to break even on your refinance.With closing costs equal to 3% of the $260,000 loan amount, you'd pay $7,800 at closing. You can determine how long it will take you to break even by dividing the amount you pay in closing costs by the amount you're saving on your monthly payment.In this example, it would take you around 21 months to break even on your refinance (7,800 ÷ 370 = 21.08). This means that if you plan to sell your home within this time, refinancing might not be worth it, because you'll end up spending more than you save.Because it costs money, you should think carefully about your reasons for wanting to refinance. Many times, refinancing just isn't worth it.If you're lengthening your term or borrowing more than what you currently owe, a refinance will cost you more in the long run in interest. All refinances come with closing costs, whether they're paid up front or rolled into the loan amount. Additionally, if your current mortgage comes with a prepayment penalty, you'll likely have to pay that to be able to refinance. As we saw in the example above, refinancing can end up costing more than what you save if you don't stay in the home long enough to hit your break-even point. Many experts advise borrowers to only refinance if they can drop their rate by a percentage point or more. If you're only saving a little bit each month with your new mortgage, it will take a long time to break even on your closing costs.A cash-out refinance can be a useful financial tool if you need a large amount of money to pay for something that will benefit you, like a value-boosting home upgrade. But it's not the only tool at your disposal. A HELOC, home equity loan, or even unsecured options like a personal loan or credit card could be cheaper, safer alternatives, depending on your situation.Your equity is the difference between what your home is worth and what you owe on your mortgage. Depending on your lender, you may need to keep at least 20% equity in your home to qualify for a cash-out refinance. Requirements may be lower for a standard refinance with no cash out.You don't have to refinance with your current lender. Be sure to shop around and compare two or three different lenders to find the best mortgage refinance lender for you.If you're getting a conventional refinance, your lender will likely ask for documentation that shows your income and assets, like paystubs, W2s, tax returns, and bank statements. It will also want information on your current loan, your property taxes, and your homeowners insurance.If you're doing a streamline refinance, you may not have to provide as much information on your current financial situation. Streamline refinances are only available on government-backed mortgages. If you need cash and you have a decent amount of equity in your home, you can take some of it out with a cash-out refinance. This can be a smart financial strategy for borrowing money since mortgage rates are generally much lower than other types of loans.But by tying the money you need to borrow to your home loan, you risk foreclosure if you aren't able to keep up with those payments. A no-closing-cost refinance does come with closing costs, but instead of paying them at closing, your lender will either roll them into your loan amount or charge you a higher interest rate to compensate. Though you'll save up front, you'll pay more in interest over the life of the loan. Refinancing to a fixed rate will provide more stability, since you won't have to worry about your payment increasing significantly down the road.It's less common to refinance from a fixed rate to an adjustable rate, but it's possible if you want to take advantage of lower rates. Just be aware that you could end up with an even higher monthly payment in a few years.Refinancing will only save you money if you stay in the home long enough to recoup the money you spent in closing costs for the new loan. Divide your total closing costs by the amount you'll save on your payment each month to find out how long you'll need to remain in the home.It may be best to wait to refinance until average mortgage rates are at least a full percentage point below the rate you're currently paying. But there's no one-size-fits-all answer, and it could make sense to refinance sooner than this. Refinancing with a poor credit score could result in a higher rate, defeating the purpose of refinancing. However, if you're getting a streamline refinance that doesn't require a credit check, you don't need to worry about having a bad score.If you have a conventional loan, you won't have to wait to refinance unless you want to go through the same lender. Government-backed mortgages do have a waiting period after closing before you can refinance.The potential downside to refinancing is that it takes time to start saving money. Refinancing isn't free, so it will take a certain number of monthly payments to recoup what you spent before refinancing becomes worth it. If your payment didn't go down a lot, it may take a long time for you to recoup those costs.Whether now is a good time to refinance depends on how mortgage rates are trending and what your goals are. If you can get a lower rate by refinancing, it could be a good time. But for many borrowers, rates are still too high to benefit from refinancing.","articleSection":"Personal Finance, Loans, Mortgages","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"How do I know if refinancing will save me money?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Refinancing will only save you money if you stay in the home long enough to recoup the money you spent in closing costs for the new loan. Divide your total closing costs by the amount you'll save on your payment each month to find out how long you'll need to remain in the home.</p>"}},{"@type":"Question","name":"When is the best time to refinance your home?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">It may be best to wait to refinance until average mortgage rates are at least a full percentage point below the rate you're currently paying. But there's no one-size-fits-all answer, and it could make sense to refinance sooner than this. </p>"}},{"@type":"Question","name":"Can I refinance with a poor credit score?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Refinancing with a poor credit score could result in a higher rate, defeating the purpose of refinancing. However, if you're getting a streamline refinance that doesn't require a credit check, you don't need to worry about having a bad score.</p>"}},{"@type":"Question","name":"How long should you wait to refinance a mortgage?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">If you have a conventional loan, you won't have to wait to refinance unless you want to go through the same lender. <a href=\"https://www.businessinsider.com/personal-finance/mortgages/government-home-loans\" data-analytics-product-module=\"body_link\" rel=\"\">Government-backed mortgages</a> do have a waiting period after closing before you can refinance.</p>"}},{"@type":"Question","name":"What is the downside to refinancing?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">The potential downside to refinancing is that it takes time to start saving money. 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data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Optimal times to refinance </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#financial-considerations" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Financial considerations </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#benefits" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Benefits </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#mortgage-refinance-savings-example" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Mortgage refinance savings example </a> </li> <li> <a class="sticky-toc-link 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<div class="sticky-toc-aside-wrapper"> <ul class="sticky-toc-aside js-sticky-toc-aside" data-component-type="sticky-toc"> <li> <a href="#should-i-refinance-my-mortgage-now?" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Should I refinance my mortgage now? </a> </li> <li> <a href="#understanding-mortgage-refinancing" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Understanding mortgage refinancing </a> </li> <li> <a href="#optimal-times-to-refinance" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Optimal times to refinance </a> </li> <li> <a href="#financial-considerations" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Financial considerations </a> </li> <li> <a href="#benefits" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Benefits </a> </li> <li> <a href="#mortgage-refinance-savings-example" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Mortgage refinance savings example </a> </li> <li> <a href="#risks-and-drawbacks" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Risks and drawbacks </a> </li> <li> <a href="#how-to-prepare-for-refinancing" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > How to prepare for refinancing </a> </li> <li> <a href="#refinancing-strategies" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Refinancing strategies </a> </li> <li> <a href="#faqs" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </ul> </div> </header> <nav class="component my-insider 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data-track-click="{"product_field":"pfi_credit_cards","event":"navigation","element_name":"helpfulness_navbar"}" > Credit Cards </a> <ul class="hub-nav-dropdown"> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/credit-cards/best-credit-cards" data-track-click="{"product_field":"pfi_credit_cards","event":"navigation","element_name":"helpfulness_navbar"}" > Best Credit Cards </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/credit-cards/best-cash-back-credit-cards" data-track-click="{"product_field":"pfi_credit_cards","event":"navigation","element_name":"helpfulness_navbar"}" > Best Cash Back Credit Cards </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/credit-cards/best-rewards-credit-cards" data-track-click="{"product_field":"pfi_credit_cards","event":"navigation","element_name":"helpfulness_navbar"}" > Best Rewards Credit Cards </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/credit-cards/best-travel-rewards-credit-cards" data-track-click="{"product_field":"pfi_credit_cards","event":"navigation","element_name":"helpfulness_navbar"}" > Best Travel Credit Cards </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/credit-cards/best-zero-interest-credit-cards" data-track-click="{"product_field":"pfi_credit_cards","event":"navigation","element_name":"helpfulness_navbar"}" > Best 0% APR Credit Cards </a> </li> <li class="hub-nav-dropdown-link-container"> <a 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</li> </ul> </div> <div class="hub-nav-link-container" data-hub-nav-link-container > <a class="hub-nav-link headline-semibold data-hub-nav-link" href="https://www.businessinsider.com/personal-finance/insurance" data-track-click="{"product_field":"pfi_insurance","event":"navigation","element_name":"helpfulness_navbar"}" > Insurance </a> <ul class="hub-nav-dropdown"> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/auto-insurance/best-car-insurance-companies" data-track-click="{"product_field":"pfi_insurance","event":"navigation","element_name":"helpfulness_navbar"}" > Best Car Insurance </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/homeowners-insurance/best-homeowners-insurance-companies" data-track-click="{"product_field":"pfi_insurance","event":"navigation","element_name":"helpfulness_navbar"}" > Best Homeowners Insurance </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/life-insurance/best-life-insurance-companies" data-track-click="{"product_field":"pfi_insurance","event":"navigation","element_name":"helpfulness_navbar"}" > Best Life Insurance </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/pet-insurance/best-pet-insurance" data-track-click="{"product_field":"pfi_insurance","event":"navigation","element_name":"helpfulness_navbar"}" > Best Pet Insurance </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " 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Student Loan Refinance </a> </li> </ul> </div> <div class="hub-nav-link-container" data-hub-nav-link-container > <a class="hub-nav-link headline-semibold data-hub-nav-link" href="https://www.businessinsider.com/personal-finance/mortgages" data-track-click="{"product_field":"pfi_mortgages","event":"navigation","element_name":"helpfulness_navbar"}" > Mortgages </a> <ul class="hub-nav-dropdown"> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/mortgages/best-mortgage-lenders" data-track-click="{"product_field":"pfi_mortgages","event":"navigation","element_name":"helpfulness_navbar"}" > Best mortgage lenders </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/mortgages/best-mortgage-refinance-lenders" data-track-click="{"product_field":"pfi_mortgages","event":"navigation","element_name":"helpfulness_navbar"}" > Best mortgage refinance lenders </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/mortgages/best-lenders-for-fha-loans" data-track-click="{"product_field":"pfi_mortgages","event":"navigation","element_name":"helpfulness_navbar"}" > Best FHA Lenders </a> </li> <li class="hub-nav-dropdown-link-container"> <a class="hub-nav-dropdown-link headline-regular " href="https://www.businessinsider.com/personal-finance/mortgages/best-heloc-lenders" data-track-click="{"product_field":"pfi_mortgages","event":"navigation","element_name":"helpfulness_navbar"}" > Best HELOC Lenders </a> </li> </ul> </div> <div class="hub-nav-link-container" data-hub-nav-link-container > <a class="hub-nav-link headline-semibold data-hub-nav-link" 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Yale" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/aly-yale" >Aly J. Yale</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/sarah-silbert" >Sarah Silbert</a> </div> <div class="byline-updated"> Updated </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-11-26T21:30:14Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-11-26T21:30:14Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="share" data-location=""> <div class="share-button-dropdown-wrapper"> <button class="share-button sharebar-link headline-regular"><svg class="svg-icon share-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" fill="none" viewBox="0 0 12 12"> <defs/> <title>Share icon</title> <desc>An curved arrow pointing right.</desc> <path fill-rule="evenodd" d="M7.336 8.014l4.2-3.5-4.2-3.5v2.8h-2.54c-1.948 0-3.526 1.567-3.526 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headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">When you refinance, be sure to consider how long it will take for you to break even.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > FilippoBacci/Getty Images </span> </span> </figcaption> </span> </figure> <div class="typography sticky-toc-post-wrapper"> <nav class="sticky-toc js-sticky-toc-dropdown hide-menu headline-semibold helpfulness-mobile-toc" data-component-type="sticky-toc" > <div class="sticky-toc-title-wrapper helpfulness-mobile-toc" > <div class="helpfulness-mobile-toc-title"> <span class="helpfulness-mobile-toc-jump-to">JUMP TO</span> <span class="headline-regular helpfulness-mobile-toc-section">Section</span> </div> <div class="sticky-toc-dropdown-button js-sticky-toc-dropdown-button"> <span class="sticky-toc-arrow"><svg class="svg-icon chevron-icon " data-chevron-icon role="img" 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href="#risks-and-drawbacks" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Risks and drawbacks </a> </li> <li> <a href="#how-to-prepare-for-refinancing" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > How to prepare for refinancing </a> </li> <li> <a href="#refinancing-strategies" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Refinancing strategies </a> </li> <li> <a href="#faqs" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </ul> </div> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p class="headline-regular financial-disclaimer">Affiliate links for the products on this page are from partners that compensate us (see our <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">advertiser disclosure with our list of partners</a> for more details). However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/mortgages/how-we-evaluate-mortgage-lenders" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate mortgages</a> to write unbiased product reviews.</p><p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li>Mortgage rates are still high for many borrowers, meaning it might not be the best time to refinance.</li> <li>Refinancing can be beneficial if it helps you save money each month. But beware of long-term costs.</li> <li>If you plan to move before you're able to break even on your closing costs, refinancing probably isn't worth it.</li> </ul><p>The mortgage refinancing process can be laborious and expensive — but if the conditions are right, it can be worth it in the long run. Before jumping in, you want to make sure you're refinancing for the right reasons.</p><p>There are many different reasons homeowners refinance their mortgages, from wanting to lower their monthly payments to taking equity out to finance a high-cost home repair. Here's what borrowers should know about how the mortgage refinance process works and when you might want to consider refinancing your mortgage. </p><h2 data-toc-label="Should I refinance my mortgage now?" id="should-i-refinance-my-mortgage-now?" class="toc-anchor">Should I refinance my mortgage now?</h2><p>The answer to this question usually depends on current mortgage market conditions. Generally speaking, now isn't an ideal time for most borrowers to refinance, because rates are still higher than what most borrowers are paying.</p><p>Borrowers with rates that are higher than <a href="https://www.businessinsider.com/personal-finance/mortgages/current-mortgage-refinance-rates" data-analytics-product-module="body_link" rel="">current mortgage refinance rates</a> may benefit from refinancing now.</p><p>If you're in need of cash to reinvest in your home or consolidate high-interest debt, a <a href="https://www.businessinsider.com/personal-finance/mortgages/cash-out-refinance" data-analytics-product-module="body_link" rel="">cash-out refinance</a> could make sense, since homeowners have gained a lot of equity over the past couple of years thanks to rapidly increasing home values.</p><p>But be sure to consider the big picture — if you're taking on a larger monthly payment or a higher rate, you might be better served seeing what kind of offers you can get from some of the <a href="https://www.businessinsider.com/personal-finance/mortgages/current-heloc-rates" data-analytics-product-module="body_link" rel="">best HELOC lenders</a>.</p><h2 data-toc-label="Understanding mortgage refinancing" id="understanding-mortgage-refinancing" class="toc-anchor">Understanding mortgage refinancing</h2><h3>Definition of mortgage refinancing</h3><p>The process of mortgage refinancing involves replacing your current mortgage with a new one. The new mortgage may have a different rate or term length than your previous mortgage. It may even be a completely different <a href="https://www.businessinsider.com/personal-finance/mortgages/types-of-mortgage-loans" data-analytics-product-module="body_link" rel="">type of mortgage</a>.</p><h3>How refinancing works</h3><p>To refinance your mortgage, you'll go through essentially the same process you went through when you got your original mortgage to purchase your home. This means you'll work with a <a href="https://www.businessinsider.com/personal-finance/mortgages/best-mortgage-lenders" data-analytics-product-module="body_link" rel="">mortgage lender</a> to apply and get approved for a loan.</p><h2 data-toc-label="Optimal times to refinance" id="optimal-times-to-refinance" class="toc-anchor">Optimal times to refinance</h2><h3>When interest rates drop</h3><p>Mortgage refinance applications increase whenever mortgage rates start heading down. This is because your mortgage rate directly impacts your monthly <a href="https://www.businessinsider.com/personal-finance/mortgages/average-mortgage-payment" data-analytics-product-module="body_link" rel="">mortgage payment</a>. If you can snag a lower rate, your payment could go down significantly, giving you space in your monthly budget for other needs or wants. </p><p>Keep an eye on average <a href="https://www.businessinsider.com/personal-finance/mortgages/average-mortgage-interest-rate" data-analytics-product-module="body_link" rel="">mortgage rates</a> to see if refinancing into a lower rate is possible for you.</p><h3>Changes in your credit score</h3><p>If your <a href="https://www.businessinsider.com/personal-finance/credit-score/what-credit-score-is-needed-to-buy-a-house" data-analytics-product-module="body_link" rel="">credit score</a> is significantly better now than it was when you originally got your mortgage, you might be able to get a better mortgage rate if current rates are similar to or lower than the rate you're paying.</p><p>But if rates are higher now than when you got your current mortgage, even an excellent credit score likely won't be enough to help you get a lower rate. </p><h3>Switching mortgage types</h3><p>Refinancing to switch the type of mortgage you have isn't always a good idea, but there are a few scenarios where it can make sense.</p><p>Maybe your initial mortgage was an <a href="https://www.businessinsider.com/personal-finance/mortgages/adjustable-rate-mortgage" data-analytics-product-module="body_link" rel="">adjustable-rate mortgage</a>, which keeps your rate the same for the first few years, then changes it periodically.</p><p>If your ARM's intro period is almost up and your rate will soon adjust to a higher rate, it could be a smart move to refinance into a <a href="https://www.businessinsider.com/personal-finance/mortgages/what-is-fixed-rate-mortgage" data-analytics-product-module="body_link" rel="">fixed-rate mortgage</a>, so you don't have to worry about your monthly payment increasing. </p><p>You might also consider refinancing to a <a href="https://www.businessinsider.com/personal-finance/mortgages/conventional-mortgage" data-analytics-product-module="body_link" rel="">conventional mortgage</a> if you have a decent amount of equity in your home and want to get rid of FHA mortgage insurance.</p><h3>You have a lot of equity</h3><p>If your home has gained value since you bought it, you might be considering a cash-out refinance. With this type of refinance, you take out a loan larger than the amount you still owe, and you receive a portion of your home's gained value in cash.</p><h2 data-toc-label="Financial considerations" id="financial-considerations" class="toc-anchor">Financial considerations</h2><h3>Analyzing your current financial situation</h3><p>Your credit score and <a href="https://www.businessinsider.com/personal-finance/mortgages/mortgage-income-ratio-mti" data-analytics-product-module="body_link" rel="">debt-to-income ratio</a> play a big part in what interest rate you get. A higher credit score and lower DTI ratio typically result in a better rate. If your credit isn't in the best shape, you could end up with worse terms than what you have on your current mortgage.</p><h3>Understanding refinancing costs</h3><p><a href="https://www.businessinsider.com/personal-finance/mortgages/average-refinance-closing-costs" data-analytics-product-module="body_link" rel="">Average refinance closing costs</a> vary depending on where you're located, your mortgage lender, and the type of loan you're getting, but generally you can expect to pay at least a couple thousand dollars. </p><h2 data-toc-label="Benefits" id="benefits" class="toc-anchor">Benefits of refinancing</h2><h3>Lower monthly payments</h3><p>You can lower your monthly payment by refinancing into a lower rate or a longer term. </p><p>When rates are lower, refinancing can be a great way to lower your monthly housing costs. You may also be able to lower your monthly payment by refinancing into a longer term. For example, if you have 20 years left on your current mortgage and you refinance into a 30-year loan, your monthly payment should go down. </p><p>Keep in mind, though, that refinancing into a longer term will overall cost a lot more in interest. But if you're struggling to keep up with your current payment amount, this can be a good strategy to help you avoid <a href="https://www.businessinsider.com/personal-finance/mortgages/what-is-foreclosure" data-analytics-product-module="body_link" rel="">foreclosure</a>. </p><h3>Shortening your loan term</h3><p>Do you want to <a href="https://www.businessinsider.com/personal-finance/mortgages/paying-off-mortgage-early-pros-cons" data-analytics-product-module="body_link" rel="">pay off your mortgage early</a> and save on interest? Refinancing into a shorter-term mortgage could be a good way to do it.</p><p>Maybe you have 25 years left on your mortgage, but you want to do a <a href="https://www.businessinsider.com/personal-finance/mortgages/15-year-refinance-rates" data-analytics-product-module="body_link" rel="">15-year mortgage refinance</a>. Doing so will shave 10 years off your mortgage. You'll pay a lot less on the loan overall because you'll be paying interest for a shorter amount of time. If you can get a lower rate, you'll save even more.</p><h3>Consolidating debt or paying for a home improvement project</h3><p>The money you get from a cash-out refinance can be used however you like. Some common ways borrowers use these funds are to consolidate high-interest debt or to put money back into the home by completing <a href="https://www.businessinsider.com/personal-finance/mortgages/what-is-a-home-renovation-loan-guide" data-analytics-product-module="body_link" rel="">home renovations</a> or repairs.</p><h3>Removing mortgage insurance</h3><p><a href="https://www.businessinsider.com/personal-finance/mortgages/fha-loan" data-analytics-product-module="body_link" rel="">FHA loan</a> borrowers are typically required to pay for mortgage insurance for the life of the loan. But if you have at least 20% equity in your home, you can refinance into a conventional loan with no mortgage insurance, potentially lowering your monthly payment. </p><p>Conventional loans only require <a href="https://www.businessinsider.com/personal-finance/mortgages/pmi-private-mortgage-insurance" data-analytics-product-module="body_link" rel="">private mortgage insurance</a> until you reach 20% equity. Once you reach this point, you can ask your lender to cancel it. Otherwise, the lender will typically cancel it automatically when you reach 22% equity.</p><p>Getting rid of mortgage insurance by itself might not be the best reason to refinance, because you could pay more in fees and interest than you would save on your monthly payments.</p><h2 data-toc-label="Mortgage refinance savings example" id="mortgage-refinance-savings-example" class="toc-anchor">Mortgage refinance savings example</h2><p>How can refinancing your mortgage save you money? Let's take a look at an example.</p><p>Say you bought your house five years ago with a $300,000 30-year fixed-rate mortgage. Your rate is 5% and you pay $1,610 each month. Currently, you still owe $260,000 on your mortgage, and you're considering refinancing into a new 30-year loan at a 4% rate. Is it worth it?</p><p>If you continued with your current mortgage for the remaining 25 years, you'd ultimately pay $279,767 in interest.</p><p>If you refinance into a 30-year mortgage with a 4% rate, your new mortgage payment would be $1,241, putting nearly $370 back into your monthly budget. You'd also end up saving on interest over the long term, paying $186,860 over the life of the loan.</p><div class="horizontal-scroll"><table style="border-collapse: collapse; width: 100%; height: 88px;" border="1" class="table-content"><tbody class="table-content-body"><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;" class="headline-regular headline-semibold"> </td><td style="width: 33.3333%; height: 22px;" class="headline-regular headline-semibold">Old mortgage</td><td style="width: 33.3333%; height: 22px;" class="headline-regular headline-semibold">New mortgage</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;" class="headline-regular headline-semibold">Interest rate</td><td style="width: 33.3333%; height: 22px;" class="headline-regular">5%</td><td style="width: 33.3333%; height: 22px;" class="headline-regular">4%</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;" class="headline-regular headline-semibold">Monthly payment</td><td style="width: 33.3333%; height: 22px;" class="headline-regular">$1,610</td><td style="width: 33.3333%; height: 22px;" class="headline-regular">$1,241</td></tr><tr style="height: 22px;"><td style="width: 33.3333%; height: 22px;" class="headline-regular headline-semibold">Total interest paid</td><td style="width: 33.3333%; height: 22px;" class="headline-regular">$279,767</td><td style="width: 33.3333%; height: 22px;" class="headline-regular">$186,860</td></tr></tbody></table></div><p>This means refinancing would save you almost $370 each month, as well as $92,907 in interest over the life of the loan.</p><p>Keep in mind, though, that you'll also pay closing costs on this new loan. Paying closing costs means it will take some time for you to break even on your refinance.</p><p>With closing costs equal to 3% of the $260,000 loan amount, you'd pay $7,800 at closing. You can determine how long it will take you to break even by dividing the amount you pay in closing costs by the amount you're saving on your monthly payment.</p><p>In this example, it would take you around 21 months to break even on your refinance (7,800 ÷ 370 = 21.08). This means that if you plan to sell your home within this time, refinancing might not be worth it, because you'll end up spending more than you save.</p><h2 data-toc-label="Risks and drawbacks" id="risks-and-drawbacks" class="toc-anchor">Risks and drawbacks</h2><p>Because it costs money, you should think carefully about your reasons for wanting to refinance. Many times, refinancing just isn't worth it.</p><h3>Potential for higher long-term costs</h3><p>If you're lengthening your term or borrowing more than what you currently owe, a refinance will cost you more in the long run in interest. </p><h3>Fees and penalties</h3><p>All refinances come with closing costs, whether they're paid up front or rolled into the loan amount. Additionally, if your current mortgage comes with a prepayment penalty, you'll likely have to pay that to be able to refinance. </p><h3>Moving before you break even</h3><p>As we saw in the example above, refinancing can end up costing more than what you save if you don't stay in the home long enough to hit your break-even point. </p><h3>Rates aren't much lower</h3><p>Many experts advise borrowers to only refinance if they can drop their rate by a percentage point or more. If you're only saving a little bit each month with your new mortgage, it will take a long time to break even on your closing costs.</p><h3>There might be better alternatives</h3><p>A cash-out refinance can be a useful financial tool if you need a large amount of money to pay for something that will benefit you, like a value-boosting home upgrade. But it's not the only tool at your disposal. A HELOC, <a href="https://www.businessinsider.com/personal-finance/mortgages/best-home-equity-loan-lenders" data-analytics-product-module="body_link" rel="">home equity loan</a>, or even unsecured options like a personal loan or credit card could be cheaper, safer alternatives, depending on your situation.</p><h2 data-toc-label="How to prepare for refinancing" id="how-to-prepare-for-refinancing" class="toc-anchor">How to prepare for refinancing</h2><h3>Evaluating your home's equity</h3><p>Your equity is the difference between what your home is worth and what you owe on your mortgage. Depending on your lender, you may need to keep at least 20% equity in your home to qualify for a cash-out refinance. Requirements may be lower for a standard refinance with no cash out.</p><h3>Shopping for the best refinancing rates</h3><p>You don't have to refinance with your current lender. Be sure to shop around and compare two or three different lenders to find the <a href="https://www.businessinsider.com/personal-finance/mortgages/best-mortgage-refinance-lenders" data-analytics-product-module="body_link" rel="">best mortgage refinance lender</a> for you.</p><h3>Preparing financial documentation</h3><p>If you're getting a conventional refinance, your lender will likely ask for documentation that shows your income and assets, like paystubs, W2s, tax returns, and bank statements. It will also want information on your current loan, your property taxes, and your <a href="https://www.businessinsider.com/personal-finance/homeowners-insurance/best-homeowners-insurance-companies" data-analytics-product-module="body_link" rel="">homeowners insurance</a>.</p><p>If you're doing a <a href="https://www.businessinsider.com/personal-finance/mortgages/streamline-refinance" data-analytics-product-module="body_link" rel="">streamline refinance</a>, you may not have to provide as much information on your current financial situation. Streamline refinances are only available on government-backed mortgages. </p><h2 data-toc-label="Refinancing strategies" id="refinancing-strategies" class="toc-anchor">Refinancing strategies</h2><h3>Cash-out refinance</h3><p>If you need cash and you have a decent amount of equity in your home, you can take some of it out with a cash-out refinance. This can be a smart financial strategy for borrowing money since mortgage rates are generally much lower than other types of loans.</p><p>But by tying the money you need to borrow to your home loan, you risk foreclosure if you aren't able to keep up with those payments. </p><h3>No-closing-cost refinance</h3><p>A no-closing-cost refinance does come with closing costs, but instead of paying them at closing, your lender will either roll them into your loan amount or charge you a higher interest rate to compensate. Though you'll save up front, you'll pay more in interest over the life of the loan. </p><h3>Refinance to fixed or adjustable rate</h3><p>Refinancing to a fixed rate will provide more stability, since you won't have to worry about your payment increasing significantly down the road.</p><p>It's less common to refinance from a fixed rate to an adjustable rate, but it's possible if you want to take advantage of lower rates. Just be aware that you could end up with an even higher monthly payment in a few years.</p><h2 data-toc-label="FAQs" id="faqs" class="toc-anchor">When to refinance mortgage FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How do I know if refinancing will save me money? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Refinancing will only save you money if you stay in the home long enough to recoup the money you spent in closing costs for the new loan. Divide your total closing costs by the amount you'll save on your payment each month to find out how long you'll need to remain in the home.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> When is the best time to refinance your home? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">It may be best to wait to refinance until average mortgage rates are at least a full percentage point below the rate you're currently paying. But there's no one-size-fits-all answer, and it could make sense to refinance sooner than this. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I refinance with a poor credit score? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Refinancing with a poor credit score could result in a higher rate, defeating the purpose of refinancing. However, if you're getting a streamline refinance that doesn't require a credit check, you don't need to worry about having a bad score.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How long should you wait to refinance a mortgage? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">If you have a conventional loan, you won't have to wait to refinance unless you want to go through the same lender. <a href="https://www.businessinsider.com/personal-finance/mortgages/government-home-loans" data-analytics-product-module="body_link" rel="">Government-backed mortgages</a> do have a waiting period after closing before you can refinance.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is the downside to refinancing? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The potential downside to refinancing is that it takes time to start saving money. Refinancing isn't free, so it will take a certain number of monthly payments to recoup what you spent before refinancing becomes worth it. If your payment didn't go down a lot, it may take a long time for you to recoup those costs.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Is now a good time to refinance? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Whether now is a good time to refinance depends on how mortgage rates are trending and what your goals are. If you can get a lower rate by refinancing, it could be a good time. But for many borrowers, rates are still too high to benefit from refinancing.</p> </div> </div> </div><div class="ca-widget" data-token="x13d55880b64" data-s1="AMCID"></div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-src="https://secure.money.com/embeds/embedder.js?v=1" data-async="true" data-defer="true"></div> <section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="molly-grace"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" alt="Headshot of Molly Grace"> <noscript> <img src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Molly Grace</div> </a> <div class="post-author_title headline-regular">Mortgage Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership. </span><span><span class="headline-semibold">Experience</span></span><span>In addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.</span><span>She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them. </span><span>Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast <em>Home. Made</em>.</span><span>Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach. </span><span><span class="headline-semibold">Expertise</span></span><span>Molly is an expert in the following topics:</span><ul><li><span>Mortgages and mortgage lenders</span></li><li><span>Home equity</span></li><li><span>The housing market</span></li><li><span>The economy and the forces that impact mortgage rates</span></li><li><span>Budgeting and saving</span></li><li><span>Credit</span></li><li><span>Insurance</span></li><li><span>Retirement savings</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Molly earned a bachelor's degree in journalism from Indiana University. </span><span>She is based in Michigan and has a dog and two cats. </span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/aly-yale" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="aly-yale"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/61096c6d372268001a596aec?crop=1:1&width=256&format=jpeg&auto=webp" alt="A headshot of writer Aly J Yale."> <noscript> <img src="https://i.insider.com/61096c6d372268001a596aec?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/aly-yale" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Aly J. Yale</div> </a> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Aly J. Yale is a writer and editor with more than 10 years of experience covering personal finance topics including mortgages and real estate. She contributes to Personal Finance Insider’s mortgages and loans coverage.</span><span><span class="headline-semibold">Experience</span></span><span>Aly began her journalism career as reporter, and later an editor, for several neighborhood sections of the Dallas Morning News.</span><span>Her work has been published in several national publications, including Bankrate, CBS, Forbes, Fortune, Money, Newsweek, US News and World Report,  the Wall Street Journal, and Yahoo Finance. She’s also contributed to a variety of mortgage and real-estate publications, such as The Balance, Builder Magazine, Housingwire, MReport, and The Mortgage Reports. </span><span>Her favorite personal finance tip is to schedule regular check-ins to make sure your credit cards, savings accounts, and other financial vehicles still align with your budget and financial goals. She is a member of the National Association of Real Estate Editors (NAREE).</span><span><span class="headline-semibold">Expertise</span></span><span>Aly’s areas of personal finance expertise include:</span><ul><li><span>Mortgages</span></li><li><span>Loans</span></li><li><span>Real estate</span></li><li><span>Insurance</span></li><li><span></span></li></ul><span><span class="headline-semibold">Education</span></span><span>Aly is a graduate of Texas Christian University, where she received a bachelor’s degree in radio/TV/film and news-editorial journalism.</span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/60a53ef9e25d05001880c7d2":{"contentType":"image/png","aspectRatioW":1200,"aspectRatioH":320}}" alt="LendingClub Logo"> <noscript> <img src="https://i.insider.com/60a53ef9e25d05001880c7d2?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - 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