Until this decade, there was a solid rule of thumb: Don’t refinance your loan unless you can save two points on the rate. In that era, you had to save a great deal to make up for the points it cost to get a loan. In fact, for most of this century, all loans typically cost a two-point loan fee.
The good news is that Land Home offers loans with no points. As you may know, you will get a slightly higher interest rate if you want a no-points loan. Of course, you always have the option of paying points to get a lower rate. We offer you a few choices:
Paying points to get an even lower rate.
If you get a loan with no points, it may actually make sense to refinance to lower your payment by as little as one-quarter of one percent. The goal is to make certain that your new loan saves you money.