will i actually end up saving money?

Jayson please feel free to visit my website: www.ThinkJohnAJr.com. There are a few different calculators available on my site which would allow you to see the benefits of refinance. In order to determine the exact interest rate and loan you would qualify for we would have to review your scenario. However this is a good place to start. Please feel free to call or email me with any questions.

There are tons of calculators available online. Doing a simple break-even analysis will help you determine if refinancing makes sense for you right now. First you need to know what rate you qualify for and the costs associated with obtaining that rate on your new potential loan. Then just divide your costs by your monthly savings and this will tell you how many payments you will need to make in order to recoup your costs. For example, you qualify for a lower fixed rate that yields a monthly savings of $150 and the closing costs are approximately $2500, you would break even in less than year and a half or 17 payments. If this is a relatively short period of time for you based on your goals and plans then it makes sense. No one size fits all so it's important for you to consult with a knowledgeable mortgage professional to help fit you with the best mortgage loan for your individual situation.

The calculator is located under the top tab "Refinance Savings"

Jayson refinancing depends on several factors, how long have you had your current loan, if you have a conventional or FHA loan now and if you are going for another 30 year loan or a 15 or 20 year loan. It used to be that the rule of thumb was that if you were going to save at least 1/2 to 3/4 lower of an interest on your loan, then refinancing would be a good idea. That also depends on if you are going to stay in your home for at least 3 to 5 years, because of the cost of refinancing. There are too many variables from just to give a simple answer.I have several different calculators on my web site for you to use or you can call me for a more specific answer to your question.