04-08-2009, 12:35 PM
In my google reader today. There was an article about how long it would take to recoup the cost of a refinance. My refinance took about 1 year. Just long even for me to decide to sell it, so in the end I broke even. 
05-01-2010, 03:42 AM
The general rule of thumb is to seek a refinance on your home only if the following two points are met:
1: You are going to reside in your home long enough so that the monthly savings on refinancing cover the associated refinance fees.
Quote: http://www.refinancehomesinfo.com
'For example say your refinance costs total $3000 and you're saving $150 per month because of your lower payments, then you will break even in 20 months after refinancing.
Formula: Refinancing costs divided by monthly savings = Number of months to break even'.
2: You can get a lower fixed rate deal than was previously available to you before. Adjustable or 'arm' mortgage deals can seem good now, but hold uncertainty for the future.
1: You are going to reside in your home long enough so that the monthly savings on refinancing cover the associated refinance fees.
Quote: http://www.refinancehomesinfo.com
'For example say your refinance costs total $3000 and you're saving $150 per month because of your lower payments, then you will break even in 20 months after refinancing.
Formula: Refinancing costs divided by monthly savings = Number of months to break even'.
2: You can get a lower fixed rate deal than was previously available to you before. Adjustable or 'arm' mortgage deals can seem good now, but hold uncertainty for the future.
07-21-2010, 09:09 PM
If you are considering refinancing your existing mortgage, it is important to understand the costs and fees you'll have to pay and how long it will take you to recover those costs.Refinancing is similar to applying for an original mortgage, so you can expect to pay similar costs. Some of these costs may include:
* An application or processing fee, which covers the lender's cost to process your application.
* A fee for a title search of the public record of ownership of your property.
* A lender's title insurance policy, which protects the lender from losses due to a discrepancy in the title (you may be able to save money by having your title
* An application or processing fee, which covers the lender's cost to process your application.
* A fee for a title search of the public record of ownership of your property.
* A lender's title insurance policy, which protects the lender from losses due to a discrepancy in the title (you may be able to save money by having your title