When Does Refinancing Your Home Make Sense? | The Financial Mirror

Thinking about refinancing your mortgage now that interest rates are around 6.51%? Before you dive in, let’s break down when refinancing actually makes sense—and when it doesn’t. In this episode, we’ll explore the true costs of refinancing, including hidden fees, and how much a lower interest rate really needs to drop to make refinancing worth it.

Refinancing isn’t just about lowering your payments—it can mean restarting the clock on a 30-year mortgage and losing years of progress. Learn the crucial steps of a break-even analysis to see if the savings outweigh the costs, and discover the top refinancing traps to avoid, like consolidating debt or extending loan terms.

Whether you’re considering a 15-year mortgage, wanting to move away from an adjustable-rate mortgage (ARM), or just wondering how to make the most financially sound choice, this video covers everything you need to know.

Key Points Covered:
- When refinancing your mortgage makes sense and when it doesn’t
- How much an interest rate needs to drop for refinancing to be worthwhile
- The costs involved in refinancing and how to calculate the break-even point
- Common mistakes to avoid when refinancing
- How to evaluate a 15-year vs. 30-year mortgage option
- Make a smart decision about refinancing your mortgage with confidence.

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Refinance Calculator: https://www.calculator.net/refinance-calculator.html

Pay Off Home Beats Investing: https://youtu.be/pIUZTi7blh8

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