Record-low interest rates have many homeowners considering refinancing their mortgages

 

 

When deciding whether to refinance, a key determiner should be how long you plan to stay in the house. According to mortgage experts, on average, people stay in their home for seven years. If you intend on staying in your home for that long, and you can get a better interest rate, it generally makes sense to refinance since you’ll likely recoup the closing costs over your time there. For those looking to move in a couple of years, refinancing might not make financial sense.