With interest rates falling to record lows in recent months, more homeowners have been refinancing their mortgages than ever before.
Still, there are plenty who didn’t jump on the bandwagon, and that’s ok.
The Wall Street Journal asked John Schleck, centralized and online sales executive at Bank of America Home Loans, how to know when the time is right to pull the trigger on refinancing, and he had some helpful tips.
“A general rule of thumb for mortgage borrowers is to refinance when rates decrease by half of a percentage point,” the newspaper gathered from Schleck’s points. “But because of their larger loan size, jumbo borrowers may save substantially even with one-eighth of a percentage-point drop.”
Image via flickr/Simon Cunningham
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