Mortgage refinancing is an option that could save you money on your investment. But how do you know when you should refinance. The general rule of thumb is that you should look into a mortgage refinance when the difference between your current interst rate and the rate you could get is 2%.
You also need to take into account any fees that you may incure during the mortgage refinancing process. These could include points, appraisals, credit checks or applications fees that the new lender requires; attorney fees; or inspections.
Also important to remember is that the new, lower interest rates may affect the amount you pay in taxes, so take that into account as well. Lower interest rates mean you are probably not getting as much of a tax saving from your investment as you were before.
Try this mortgage refinance calculator.