It’s generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: A payment, excluding taxes and insurance, would be $1,313.37 on a $200,000 loan at 4.5%; if the rate were lowered to 3.5%, the payment would then be $1,198.09, that is $115.28 less per month. This difference comes to $41,500 over a 30-year term. The type of home, loan amount and your credit score are a few of the factors that would determine your interest rate and fees. Trust us to quote you accurate rate and fees, at no cost or obligation to you.