Generally how far do interest rates need to drop to make it worthwhile for me to refinance?

Generally how far do interest rates need to drop to make it worthwhile for me to refinance?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: Generally how far do interest rates need to drop to make it worthwhile for me to refinance?; What can I do if I disagree with the banks appraisal of my home?; Are too good to be true loan offers usually too good to be true? and more...

It varies on your loan balance and what your rate is right now. Nowadays we do a lot of what's called "no-cost" refinancing. So if you've got a million-dollar loan at 6% and I can come in and get you a no-cost refinance at 5.875, that eighth in rate could be a couple hundred bucks on a million-dollar loan, and it's well worth it. Normally the higher the loan size, the quicker you are able to refinance for free.