• Omega Financial Mortgage

Mortgage FAQ: Is it Too Late to Take Advantage of Lower Interest Rates?

"WE REFINANCED OUR MORTGAGE EARLIER IN THE YEAR WHEN THE INTEREST RATES WERE A LOT HIGHER THAN THEY ARE RIGHT NOW. CAN I REFINANCE AGAIN TO TAKE ADVANTAGE OF TODAY’S LOWER RATES OR IS IT TOO SOON?"



If you’re just looking to do a traditional refinance to lower your monthly payments, you can certainly refinance again to take advantage of the current low interest rate environment. The only situation in which you may have to wait to refinance is if you’re looking to do back-to-back cash-out refinances (the standard waiting period between cash-out refinances is usually six months). However, just because you can refinance doesn’t necessarily mean you should refinance.


Getting a loan with a lower rate may not offset the cost of refinancing, so you’ll need to crunch the numbers. To determine if refinancing is right for you, you’ll need to take into consideration how much lower the new rate will be versus your current rate and how long you’re planning on having that mortgage.


Although there are no set guidelines for how much lower your new interest rate should be for you to refinance, you’ll need to calculate your break-even point, which is the point at which the up-front costs of a refinance will be recouped by the lower monthly payments. To see if refinancing again makes sense for you, talk to your mortgage professional.


For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.


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Licensed by the Commissioner of Banks - License No. MB2671