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When to refinance — the 0.5%–1% rule

Refinance when the new rate is at least 0.5–1.0 percentage points below your current rate, AND you'll stay in the home long enough to recoup closing costs (typically 18–36 months).

Closing costs on a refinance are typically $3K–$6K. Dividing those costs by your monthly savings tells you the break-even month. If you'll sell before then, don't refinance.

Other valid reasons: switching from an adjustable-rate mortgage to a fixed one before reset; switching from a 30-year to a 15-year if your cash flow supports it (much less total interest); removing PMI; pulling cash out for a clear, value-generating purpose.

Don't refinance to "reset the clock" without intent. Going from year 8 of a 30 back to a fresh 30 means 8 more years of mostly interest payments — even at a lower rate, you can pay more total interest over the life of the loan.

#refinance#rates

Related answers

Buying & owning your home

Renting vs. buying — which one actually wins

There is no universal answer. Buying tends to win when you'll stay 5+ years, can put 20% down, and the price-to-rent ratio is under 18. Renting wins when the horizon is short, the market's ratio is above 25, or you can't put 20% down without depleting savings.

 Buying & owning your home

Home equity — building it, tapping it, protecting it

Equity grows two ways: paying down principal, and the home appreciating. You can tap it through cash-out refinance (long-term, fixed-rate), a HELOC (short-term, variable), or a home equity loan (fixed, lump-sum). All three re-leverage your house — use them sparingly.

 Buying & owning your home

When to sell your home

Selling because you're moving cities, right-sizing, or genuinely cannot afford the home — almost always right. Selling "because the market is at a peak" — almost always wrong. Markets are peaks and bottoms only in retrospect.

 Buying & owning your home

The home buying process — and what surprises people

From offer to keys is typically 30–45 days. The non-obvious cost surprises: closing costs (2–5% of price), prepaid escrow (months of taxes + insurance held by the lender), home inspection ($400–$700), appraisal ($500–$800), title insurance ($1K–$3K), moving costs. Budget 4–6% above the down payment.