Many homeowners ask, “Is it worth refinancing?” The answer depends on your “break-even point”—the moment your monthly savings exceed the cost of the refinance itself. CincyRefinance specializes in calculating this exact figure for Cincinnati residents.
Calculating the Value of a Refinance
- Closing Costs: You must factor in the upfront costs, which typically range from 2% to 5% of the loan amount.
- Monthly Savings: How much will your payment drop? Even $150 a month adds up to $1,800 a year.
- Time in Home: If you plan to move in two years, a refinance may not be worth it. If you’re staying long-term, it’s often a home run.
Don’t guess your savings. Let the Cincinnati mortgage experts at CincyRefinance run the numbers for you.