Just had a lender release a great tool for refinancing, and whether it makes sense to do so. It takes into consideration your current rate/remaining term and compares it to proposed rate/term and includes what your penalty would be to break your mortgage. It also gives a break-even rate for what a rate would need to be at the end of your current term for it to NOT make sense to refinance now.
With how low interest rates are right now, I have seen it make sense even for people with a 2.99% 5 year fixed rate, which is a rate that has been available for a couple years now on & off.
PM/email me for more info or if you'd like me to plug in some numbers for you.
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