September 16th, 2009 5:17 PM by Eric Fang
I talked to a few people about their current mortgages and found out that they don't have to refinance. The typical case is 15 yr fixed loan, if the loan amount around 300k, the rate difference of around 0.375% will not save you much money. And if you are on the current loan for over 1 year, you may lose money if you refi. The less monthly payment will not guarantee that you will save the money.
Some 30 yr fixed programs will have the same issue. If you are on the loan for over 2-4 years, depends on the loan amount, you may not have to refinance.