A refinance only makes sense if the math works for your specific situation and time horizon. Rate alone is not the answer. Here is how to think about it.
A refinance is the same shape as the original loan, a span between you and the property, drawn differently. New rate, new terms, sometimes new cash out, sometimes a shorter span to be paid off sooner.
The question is always: does this make sense for your situation? Closing costs, break-even period, what you'd do with the savings or the cash. We run that math before any application.
If a refi doesn't make sense, we'll tell you. The studio doesn't earn from files that shouldn't move.
A refinance only makes sense if the math works for your specific situation and time horizon. Rate alone is not the answer. Here is how to think about it.
The honest answer to "should I refinance" is "tell me about your situation first." The variables that matter: your current rate vs. market rate, your remaining loan balance, how long you plan to stay in the home, your credit profile today, and what you need the refinance to accomplish.
The studio runs the math per file. If the answer is "not yet" we tell you. A bad refinance is worse than no refinance.
Most refinance advertising glosses over when it is a bad idea. Here are the situations where we tell you to wait.
If the math does not favor you clearly, we tell you no. A bad refinance is worse than no refinance, and a long-term relationship beats a marginal transaction.
