When Should You Refinance In Delaware?
Many homeowners have decided to refinance but they're wondering whether they should apply now or wait until rates fall some more. As a Delaware real estate attorney who's been asked this question many times, one of the answers I used to give is that you'll never know when the rates have gone as low as they can until you've missed it and the rates have gone back up. Interest rates are lower than they've been since World War II, and as long as you can reduce your monthly payments significantly by refinancing now, there's no reason to wait.
But there's something else to consider when deciding the right time to refinance. Many of my clients have been applying to mortgage companies whose settlement costs are so low that it makes sense to refinance now with the plan being that if rates go down further, they will refinance again. In fact, one client had a settlement last week where the mortgage broker paid 100% of the costs, so refinancing was a no-brainer for this client. On the way out of my office, my client said that he would do this again and again if rates keep dropping.
Some recent articles to read on the subject of when to refinance are:
