Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.

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Another common refinance rule of thumb says only to refinance if you plan to live in your home for "X" amount of years, or only to refinance if you’ll save "X" dollars each month. Again, as seen in our example above, you can’t just rely on a blanket rule to determine if refinancing is a good idea or not.

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If saving money is the primary reason why John and Jane are refinancing, they should plan to stay in the home and keep the new loan for at least 38 months. If they sell or refinance before 38 months, they’ll end up losing money on the refi deal. That’s the general rule-of-thumb for refinancing success.

The typical rule of thumb is that, if you can reduce your current interest rate by 1% or more, it might make sense to refinance because of the money you’ll save.

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Gianni Cerretani (mortgagegodfather) #33 ranked lender in Georgia – 238 contributions The 2% rule is that most of the time when you are refinancing for it to be financially worth it, the general rule of thumb is that you want to see a decrease in your current interes rate of 2%.

Here are four general rules of thumb as you consider your product offerings across all channels and global regions. Not all.

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Another common refinance rule of thumb says only to refinance if you plan to live in your home for "X" amount of years, or only to refinance if you’ll save "X" dollars each month. Again, as seen in our example above, you can’t just rely on a blanket rule to determine if refinancing is a good idea or not.

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