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When is it a Bad Idea to Refinance


Refinancing can be a great thing if it's done at the right time. Doing it at the wrong time can cost you money, time and effort. Here are four reasons that refinancing may not be the best move.

Your Current Fixed Interest Rate Isn't Much Different Than the New Rate – If you are thinking about refinancing to a lower rate and your interest rate is less than 2% higher than the new rate, refinancing isn't going to make much of a difference. After refinancing fees, you may even end up spending more on the new loan than you would if you just stayed with your existing loan.

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