Would you refinance your home to reduce the interest rate by 1% and reduce the monthly payments by $150? The closing costs will be $5,000. We bought our home three years ago, and the loan will restart the 30 years. If we ever buy another home, we plan on renting this home out, so we’re planning on having it for many, many years to come. I want to make sure I’m making the right financial decision.
We just did. Dropped it to 2%!