Should I refinance my mortgage in 2023?

Should I refinance my mortgage in 2023?

Many people are asking, “should I refinance my mortgage in 2023?”. Refinancing isn’t just about the rate, but is also about your break-even period. To determine that, you will take the monthly savings that you’d have from refinancing and compare that to your closing cost. If it was $10,000 to close, but you saved $500/month, you would divide that over a time period for your break even. Also, if you’re not planning to stay in the house for longer than a few more years, it might not be a good idea to refinance. Right now, in 2023, people are not refinancing unless they are in a bad debt situation where they need to pull equity out of their home.

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Casey Smith
President, Wiser Wealth Management

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By Published On: May 12, 2023

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