The issue here is not only the lower rate of 2%, but when are you going to balance? Otherwise, the whole exercise is futile.

How long can you refinance a New Mexico mortgage after bankruptcy? Probably sooner than you think.

If rates are low, you do to save on your monthly payments, and if the trend remains for a considerable time, it is an advantage.

If the interest rate on the loan without fee is lower than the interest on your current mortgage rate, then you can save thousands by going with the loan free of charge.

At this point, it will be a great help if you have done your homework by reading the existing refinancing options.

This means that if your initial rate was 8%, although rates have declined by 7%, you still have to pay 8% as your "floor rate".