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When does it make sense to refinance?Until this decade, there was a solid rule of thumb:Don't refinance your loan unless you can save two points on the rate. In that era, you had to save a great deal to make up for the points it cost to get a loan. In fact, for most of this century, all loans typically cost a two-point loan fee. The good news is that you can have loans with no points. In many cases, you can also get a loan with no points and no closing costs. As you may know, you will get a slightly higher interest rate if you want a no-points, no-cost loan. Of course you always have the option of paying points to get a lower rate. We offer you several choices:
(1) No points |
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