From Yahoo Finance: 2025-03-29 07:02:00

Refinancing your mortgage may not be as simple as it seems, warns Suze Orman. Rates may not drop significantly soon, so knowing when to refinance is crucial. Orman advises against resetting the mortgage term to 30 years if you’ve already paid down several years. Instead, consider the break-even point to determine if refinancing is worth it. Consider the full costs of refinancing, which can range from 2% to 6% of the loan amount. Make sure the savings outweigh the costs over the time you’ll actually live in the home. Refinancing can be a powerful tool, but only if done with careful planning and consideration of all factors.

Read more: 4 Things You Need To Consider Before Refinancing Your Mortgage, According to Suze Orman