Refis only work when the math works. I'll be straight with you. Sometimes the answer is "do this tomorrow." Sometimes it's "wait six months." Either way, you'll know.
There's no one rule. But here's when a refi is usually worth a serious look:
I'd rather lose a deal than put you in a bad one. Honest reasons to wait:
Most common. Lower your rate, change your term (e.g., 30 → 15), or both. No cash taken out.
Borrow against your equity. Get a check at closing. Useful for renovations, debt consolidation, or investments.
If you currently have an FHA loan, this is the fast-track refi. Less paperwork, sometimes no appraisal.
The VA's version of a streamline refi. Easiest refi in the entire industry if you're on a VA loan.
Depends on your current rate, the new rate, your balance, and your closing costs. I'll run the exact numbers on a quick call — including the break-even point so you know how long it takes for the savings to outweigh the costs.
Typically 2-4% of the loan amount in closing costs (lender fees, title, appraisal, etc.). On a $400K loan, that's $8K-$16K. Some refis let you roll those costs into the loan instead of paying out of pocket.
Usually 21-30 days from application to closing. Streamline refis (FHA/VA) can be faster — sometimes 2 weeks.
You can always refinance again. But you don't want to do it every six months — each refi costs money. We aim for a meaningful drop, then sit on it.
Probably — that's usually the point. But if you do a cash-out refi or shorten your term (30 → 15), your payment can stay the same or go up. We'll model it both ways before you decide.
Send me your current rate and balance. I'll tell you in 24 hours whether a refi makes sense for you — and what it would actually save.